Housing: Landlords' Delight

Apartment living began to fall out of fashion in the U.S. soon after World War II. Over the past two decades, the nation has built four private homes for every new rental dwelling. This year, after seesaw performances during most of the '60s, apartment construction is making a comeback that surprises economists, delights landlords, and quite possibly signals a fundamental shift in how most Americans will choose to live in the years ahead. "Demand is so strong that you could almost leave out the bathroom and rent a new apartment," says California Developer Gerson Bakar, whose 994-unit Woodlake Apartments...