Many people ask themself this same question. The truth of the matter, the answer may be chosen for you. Lenders have tightened up on mortgages making first time home buying more difficult. Interest rates are at rock bottom, however if you haven't saved up enough for the down payment you can forget about acquiring a loan. You know who wins in this scenario? Developers. Apartment building projects has risen of late as developers recognize the need for housing is still high as well as the desire to live near work and all the benefits city life offers, however without the ability to obtain lending for that first purchase one's options are rent or live on the street...not much of a choice there.
Bottom line, if you have some savings then you have a choice. If you're like so many people out there and have been hit hard the past couple of years by this economy, your savings has been depleted or may not exist at all and thus you're given one option; RENT. Many big developers have seen this and are putting together projects to fill this necessity. Check out this article addressing just this situation.
http://www.boston.com/realestate/news/articles/2010/11/13/builder_says_time_is_right_for_boston_apartments/
- Design is what you make it.
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