Gene Bernshtam is known for restoring old car models to perfection and making them as roadworthy as they were when they first rolled out of the factory. Apart from being a car enthusiast, Gene is also a seasoned real estate executive. In this blog post, he offers insights on the supply crunch on US apartments.
For the past few years, apartment occupancy in the United States has been near record levels. The strong demand for apartments comes from solid job formation and limited loss of renters that choose home purchase over rent and widespread availability on appealing properties across various cities around the country, explains Gene Bernshtam.
Construction has been far behind demand for the past few years, attributed to various economic challenges. However, it finally seems that developers are starting to catch on. In most areas, especially near booming real estate markets, availability is concentrated on newly built developments rather than older apartment communities or properties that have seen better days.
This means that product is becoming scarcer by the day as more people move into these newer buildings. In the meantime, waiting list requests pile up at property management companies’ offices every single day.
At the rate things are going, it appears that developers will have their work cut out for them in the foreseeable future. It will be interesting to see if this trend continues throughout the next few years or simply a blip based on construction activity.
Gene Bernshtam is the secretary of state for the Lamborghini Club of America in Illinois. He is also a recognized real estate executive. For updates, visit this page.
Gene Bernshtam 