K.C. Kappen and Rachel Ballard believe that renting a place to live "simply makes sense," given their current situation.

Kappen, 26, a junior account executive for social media and public relations with the Brownstein Group in Philadelphia, arrived here with Ballard, 25, from Southern California in June.

Ballard will finish graduate school in the next 18 months, Kappen said, "and I'm in the beginning stages of my professional career." Renting "gives us a chance to weigh our options and see what areas of Philadelphia we prefer."

Thousands of other millennials have come to the same decision, for a variety of financial reasons, so rental apartments continue to fill a growing housing need in the Philadelphia region.

And that boom has given a shot in the arm to the regional economy, $14 billion in 2013 alone. For the United States as a whole, the economic contribution was $1.3 trillion.

A study by George Mason University's Stephen S. Fuller for the National Multifamily Housing Council and the National Apartment Association showed that 544,300 people, or 9 percent of the Philadelphia area's population, live in its 321,200 rental apartment units.

Thirty-four percent of those apartments are in buildings of 50 or more units, Fuller said.

While single-family-home building still lags, multifamily rental construction accounted for 49 percent of building permits issued in the region in 2013, valued at nearly $367 million, he said.

Spencer Yablon, senior vice president for capital markets/multifamily at CBRE Group in Wayne, said apartment fundamentals remain good and support "near-term growth."

Read more:
Millennials help build a Phila.-region apartment boom

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April 3, 2015 at 4:57 am by Mr HomeBuilder
Category: Apartment Building Construction