One of the driving forces behind today’s multi-family market is the shift in the renter’s market itself. The demographic shift – those in the 19 – 35 age range that are choosing to push or simply remain in the renting market – is a positive force that will continue to push the need for multi-family housing. In addition, it is a strong sign that points to continuing stability, as well as a demand moving forward.
Part of this trend is the realization by many that the American Dream – that is, owning a home – may not be all it’s cracked up to be. There is a segment of our population, many from the Great Depression, that sees renting as a preferred way of securing housing. They want the freedom, comfort and flexibility that only renting offers. As a result, this is providing a strong secondary force that will continue to support the current market.
Read more...The Shifting Renter’s Market CPExecutive.com