Greenville apartment demand skyrockets

Demand for apartment complexes in Greenville, Georgia, has led to the construction of new rental properties, GreenvilleOnline reports. Approximately seven new projects are either under construction or in planning, with more than 1,200 units slated to be built over the next few years. The sheer number of units is considerably higher compared to years past, according to Russ Davis, a local developer who is building one of the 48-apartment complexes. Davis' complex, along with another 44-unit project, are both expected to be completed this year. The other five projects are further out, and will be completed in approximately two years. More Americans are opting to rent instead of buy due to the impact of the economic recession. In turn, this has lead to a surge in new apartment demand. "Last year, we saw occupancy go up in virtually every market in the U.S., and we saw rent grew also all over the country," K.C. Sanjay, a real estate economist with AXIOmetrics, told the news source. The increase in demand highlights the importance of tenant screening services for landlords, as they will be dealing with more applicants now.