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The Burbs: Squished into Apartments

Suburban apartment occupancy is at its highest level in four years, reports Crain's, while rents are up 2.6% over last year. The 94.3% average occupancy rate is up from 92.9% a year ago, but still well below the boom-time peak of 97.1% in '06. This is all in line with regional and national statistics favoring renting and new apartment construction. Young people are either fearful of declining home values or unable to land a mortgage. Answering the call, there are 20 suburban apartment developments in the planning stages that would supply more than 3,900 units, but not all are expected to materialize. It's also been an active year for the sale or attempted sale of failed condo buildings, which are likely to become rentals in the hands of a new buyer. [Crain's]