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Last updated on Monday, May 23, 2011
(UNDATED) - From home ownership in favor of renting apartments or real estate experts say Indiana’s rental housing market is booming.
That's compared to new single family home ownership across the state.
One firm that tracks the top 50 rental properties in Indianapolis says occupancies jumped by 4% from 2009 to 2010.
Rental property occupancies went up from 91.5% to 95.5% during that period.
Steven Lamotte, Senior Vice President of CB Richard Ellis says there are several factors: home foreclosures, many families are downsizing houses, current renters are staying put rather than buying homes and a record number of college graduates are delaying buying homes in favor of renting.
Lamotte says the trend is driven in large part by the current economic slump and transcends demographics.
He says Fort Wayne, Lafayette, West Lafayette, Columbus and the Evansville markets are also seeing significant rental property growth across the board.
The rental occupancy rate for in Indianapolis during the first quarter of 2011 was 95%.
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