Rental Construction Activity Increases in Greater Delaware Valley Region

As the housing market slowly attempts to turn the corner, the rental demand remains high for our particular region. Some areas report up to 20% increases in rental inventory. New construction is playing a large part in those numbers. Does this mean that the financial institutions are loosening up the purse strings for development loans? Possibly. In 2011, there was a 60% increase in Multi-Family Development Lending as compared to the previous year on a national level. The Census Bureau reported one outstanding statistic that 53% of the total number of renter households faced a housing cost burden last year. Unemployment remains high. Affordable housing is a treasure anxiously sought after. Rental rates remain high even paired alongside of the housing market slight improvements. Right now as it stands, renters make up approximately 22.64% of the Chester County, PA, population. 4.97% of houses and apartments in Chester County, PA, are unoccupied (vacancy rate).