Rent vs. Own: Move Outs for Homeownership Slowly Rise via Multifamily Executive Magazine

The for-sale housing market may be gaining some momentum, with a steady increase in pricing and sales volume coupled with decreasing inventory. But according to some of the industry's top CEOs, it shouldn’t pose much of a threat to the multifamily industry.

The homeownership rate among those aged 25 to 34 is down 700 basis points nationally from its peak, a decline twice as steep as the overall population. These Gen Y members are expected to increase in population by 500,000 this year, but are leaning more toward renting thanks to their lifestyle and flexibility needs, as well as financial and downpayment constraints.

This group represents the largest source of pent-up demand, as an estimated 1 million to 2 million young adult households are waiting to be formed, with 23 million still living with their parents.

Read more...Rent vs. Own: Move Outs for Homeownership Slowly Rise - Housing Data - Multifamily Executive Magazine