John Burns: Apartment market set for a surge

All signs are pointing to a boom in the apartment market, according to John Burns Real Estate Consulting.

While housing affordability may be high, tighter lending standards, a shortage of consumers with a down payment and demographics all point to a surge in rentals as the economy recovers.

For example, the number of 20-34 year olds will grow substantially over the next few years, accounting for millions of additional renter households. Also, 1.2 million young adults moved in with their parents during the height of the recession, from 2005 to 2010. Lesley Deutch, vice president at John Burns Real Estate Consulting, says this has created a strong pent-up demand for rentals.