Apartments are springing up across the country, according to a recent report released by John Burns Real Estate Consulting.
The firm's Apartment Building Market Intelligence report shows that multifamily construction is booming in major markets across the country, particularly in comparison to the growth seen in 2011.
In the Durham market, multifamily construction permits exploded in 2012, with the current year seeing 403 percent more permits issued than 2011. West Palm Beach recorded a similarly high 248 percent year-over-year increase.
According to Business Insider, the construction continues due to consumers' inability to afford retail housing and unwillingness to trust a market that so recently crashed and burned.
Rental property management officials may see a slight dip in rental applications as the new units continue to crop up, if only due to increased competition, but demand is expected to remain high.