As MHProNews has learned from CNNMoney, the seasonally-adjusted annual rate (SAAR) of housing starts topped one million in March for the first time since June 2008, 1.4 million, seven percent better than Feb. 2013 and a 47 percent improvement since last March, primarily attributable to the growth in multifamily construction (five or more units). The rental market is growing due to younger workers who have been living with their parents are moving into rentals as the job market picks up. Former homeowners who experienced foreclosure and/or bankruptcy continue to enter the rental market. Kevin Finkel, of Resource Real Estate, owner of 24,000 rental units, says the shortage will last for years. “We have had a very weak supply of apartments for almost 20 years now,” he says. The rising cost of supplies and shortage of construction workers could, however, dampen the recovery.
