REAL ESTATE: August rebound driven by apartments
In Riverside County and statewide, housing starts last month surged from a year earlier, driven primarily by the construction of apartments as the building industry adjusts to increasing numbers of renters compared to homebuyers.
In Riverside County last month, builders obtained government permits for 470 homes, up from 329 in August 2010. Their plans consisted of 257 single-family homes and 216 multifamily units, the vast majority of which are apartments.
The construction of multifamily units in Riverside County increased slightly from 404 units in the first eight months of 2010 to 427 units in the same period of 2011, even as the number of single-family permits issued in the same period dropped from 2,871 to 1,960.
Tags: Apartments