As economic woes continue to pummel the housing industry, one real estate developer is finding opportunities within a new market – the "forever renters."
Post Brothers CEO and co-founder Michael Pestronk joined "Varney & Co." Friday to discuss the real estate opportunity brewing in urban areas as some Americans are opting to rent instead of buying a home. "The biggest issue, especially in large established metro areas, is a lack of product. There's no such thing as a starter home in large anymore. There's no land available to build housing within commutable distances of jobs," he explained.
Pestronk argued that "bigger" and "better" apartments are the ideal starter homes for those who live in big cities. CELEBRITY REAL ESTATE AGENT MAURICIO UMANSKY WARNS 'PERFECT STORM' OF HOUSING UNAFFORDABILITY BREWINGThe real estate expert said that a portion of "forever renters" are of the "higher-end" demographic and have an eye for apartments with large scale rooms, sophisticated aesthetics and kid-friendly amenities. "Most apartment buildings, especially over the last 10 years, have been built targeting a 27-year-old.