Homebuilders turn to apartments

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Friday, February 01, 2013

Homebuilders known for single-family houses are putting more resources toward rental apartments.

Arbor Custom Homes of Beaverton -- one of the largest local homebuilders, and as optimistic as anyone -- expects its home sales to decline. That's in part because this year the firm is shifting more of its efforts toward for-rent apartments, rather than single-family homes or condos.

Rentals have been a breakout sector in the construction industry, accounting for an unusually high share of residential construction numbers over the past three years. Demand is high and open apartments are scarce. As a result, landlords are enjoying rising rents.

Read more at OregonLive.com.

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