It’s been a great few years for the multifamily market.
Demand has steadily increased for rental housing and, even though rent growth peaked in 2012, owners are still experiencing consistent, sometimes historic, growth in a number of markets. But as that rent growth marches on, and the for-sale market continues to revive, it's forcing many renters to reconsider the rent. vs. own debate.
“Now that the housing market is recovering, a lot of people are changing their minds on renting versus owning,” says Ryan Severino, senior economist and associate director of research at New York–based Reis. “I think it’s the landlords, with top-of-the-market rents, that are probably going to face the most competition as more and more of their renters sort of reconsider the rent versus own decision.”
Read more...Threat Alert? Homeownership Rate Inches Up - Multifamily Executive Magazine