With the number of multi-family development projects continually increasing in the suburbs, the supply of apartments for rent may soon exceed demand, writes Natalie Kostelni for the Philadelphia Business Journal.

At the end of last year, there were more than 16,060 units in 68 projects in various stages of development. Multifamily projects are being either discussed or developed in all corners of the region, including plans to construct an apartment complex in Broomall. Ground has already been broken on hundreds of units in Exton and Downingtown.

But developers are not worried about oversaturating the market just yet. People have changed their views on apartment living, and now often prefer renting over buying a home. As a result, the suburbs are now trying to catch up to cities with their new multifamily units.

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“The problem with the suburbs is apartments caught on later than in the city,” said Michael Markman, president of BET Investments. “Almost every community is seeking out high-end apartments.”

He said that multifamily development used to be shunned in suburban municipalities. But now those communities are also starting to embrace apartments as an important component of creating a thriving community.

Read more about apartment development in the Philadelphia Business Journal here.

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