Higher mortgage rates and continuously rising home prices are impacting the U.S. housing market, and an increasing number of people prefer to rent an apartment instead of buying a home. According to the U.S. Census, apartment absorption is now at the highest level in three years.
Budgetary constraints are not the only reasons that are driving the demand for rental apartments. Demographic groups like career-oriented millennials and aging baby boomers are choosing to live in rental apartments in urban centers because it offers a more flexible lifestyle than homeownership.
Millennials and baby boomers are two