Apartment rentals should continue improvement

Apartment rental improvements could continue.

Many property management companies could experience favorable apartment market conditions over the next several years, as continued revenue improvements should occur, according to a report from IBISWorld.

Industry revenue should rise by more than 4 percent by the end of this year, with a total yearly gain of nearly $127 billion. However, revenue should continue a rise of nearly 1 percent each year through 2017, the report said. The economic conditions during the past year helped the apartment market become a more popular option for consumers.

"High unemployment and stagnant incomes have also delayed a recovery in homeownership, which has further boosted rental demand," said Doug Kelly, industry analyst for IBISWorld.

The report projected that economic improvement will help revenue climb through 2017. This is because the housing market could still experience a weak level of demand, which may not allow the figure to increase far past its current level. This could be furthered by uncertain lending practices, as well as many consumers remaining skittish about making a housing purchase.

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