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.
And they have orange doodads as the design theme," he told host Stuart Varney. "We have a mid-Atlantic focused portfolio. Our average renter 10 years ago was 29. Today it's 33. But we also have way more renters of the 35 to 45, making well over $150,000 than we used to have," he said.
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