With homeownership levels at their lowest point in 50 years, the demand for multifamily rental homes is booming. Recently, the Urban Institute released a study that suggests 59 percent of new household formation over the next 15 years will be renters, which will cause an even bigger surge in the demand for rental housing. But are we prepared to meet this increased need?
To meet the growing demand for rental housing, we must address both the availability and affordability of supply. While the pace of new construction has picked up in recent years, it’s not yet at a level to meet new household demand. Also, it’s important to consider the simultaneous loss of inventory occurring.
Read more...Multifamily Demand Continues to Rise, But How Will We Keep Up? | Multifamily content from National Real Estate Investor
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