A Luxury Apartment Boom in the Suburbs

Renters in the suburbs have a lot more options these days: Nearly 3,000 units went up in 2016. That’s twice as many as the year before and the highest number since 1997, says Ron DeVries, vice president of Appraisal Research Counselors. What’s fueling the boom? A decade ago, surrounding towns favored building condos. But the postbust trend of renting over buying changed that, especially in burbs with a dearth of apartments. “It got to the point where rents were high enough that it made economic sense to build new apartments,” DeVries says. Developers are including plush amenities to match the lofty rents, eager to slap the luxury label on the new digs. Here, a few of the fanciest.

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