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Mid Atlantic R EAl E StAtE J oURnAl Publisher ............................................................................linda christman Publisher ...............................................................................Joe christman Section Publisher ................................................................elaine fanning Section Publisher ....................................................................Steve Kelley Senior Editor/Graphic Artist ................................................ Karen Vachon Office Manager ...................................................................Joanne Gavaza Contributing Columnists ........................................................ashish patel Mid Atlantic R EAl E StAtE J oURnAl ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 11 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY mare Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Mid Atlantic Real Estate Journal
By Ashish Patel How Threatening Is The Housing Market To Apartment Complexes?
T
here’s been plenty of talk in the news lately about the rebounding
housing market, leading many in the apartment industry to wonder how they’ll be affected. The good news is that experts conclude they won’t be affected much. Here’s what those in the know know: Few people are leaving their apartments to make a home purchase A Chicago-based research company that tracks people’s reasons for leaving an apart- ment says that few people leave in order to purchase a home. Further backing up survey data is the fact that the percentage of home purchases made by first-time home buy- ers has stagnated since the expiration of the Home Buyer Tax Credit. we have a long way to go Before people in the rental industry despair over the double-digit increases in home sales we’ve been seeing lately, it is a good idea for them to remember just how low the
housing market sunk. Given the housing market’s low at the peak of the financial crisis, achieving double-digit increas- es doesn’t require too much. People are still underwater on their homes and there is still a high number of foreclosures. Rentals are still important. Urban living is attractive Cities used to be hotbeds of crime, and people fled them for the safety of the suburbs. Today, with high gas prices, lowering crime rates in cities, and the cultural attractions of urban centers, people are leav- ing the suburbs to move back to the cities. Often, because of
high property values in urban centers, people who want to live in them have no choice but to rent. The housing market has come a long way in just a few short years, and this article is in no way meant to discredit its improvements. Rather, this is to show that despite its improvements, multi-family homes and apartment com- plexes intended for rent still have a major role to play in people’s lives. Ashish Patel is chief execu- tive officer and president of Pilera. n
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