MILLENNIALS DRIVING APARTMENT BOOM, BUT CONSTRUCTION COSTS WEIGH IT DOWN

The Philadelphia apartment market is hotter than it’s been in years, with strong demand for new product–but there’s a high cost to develop that product, according to our speakers at Bisnow Philadelphia’s Multifamily Take Off at the Sheraton Philadelphia Downtown this week.

As in a lot of places, Millennials are driving a lot of leasing activity in both Downtown and┬ásuburban apartment markets, our speakers note. Downtown’s no surprise, but it’s also true–contrary to conventional wisdom about Millennials–that many of them want to live in a suburban location, either for convenience (near work) or because it’s cheaper.

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