Multifamily development picks up despite falling demand via HousingWire

Over the past few years, renter household formation has outpaced owner household growth, as many young homeowners are being sidelined by unemployment and student debt.

However, recent statistics show that the majority of new renters might not be searching for traditional multifamily housing; instead, they’re renting single-family homes.

According to the latest Housing Insights report from Fannie Mae, single-family rental units represented 51% of the occupied rental stock in 2005 compared to 44.8% for multifamily rental units. Six years later, in 2011, single-family rental units had grown to 54.8% of the occupied rental stock compared to 41.3% for multifamily units.

Read more...Multifamily development picks up despite falling demand | 2013-09-16 | HousingWire