Changing Preferences are Increasing Demand for Apartment Rentals and Decreasing Home Ownership Rates
Market research, data analysis, and polling results point toward continued growth in apartment rental demand. Lifestyle preferences are changing among baby boomers, gen-X-ers, and millennials alike, driving home ownership rates to plummet to the lowest levels since the early 1990's. Meanwhile, demand for multi-family housing is projected to increase 20% by 2030, according to research from the NAA and NMHC. These trends will continue to shape the multi-family housing industry for years to come. Read more about what's driving the shift in preference for each generation here and the increase in demand for apartment housing here. For a more detailed analysis, take a look at Harvard's State of the Nation's Housing 2017 report here.
Home Ownership Rate
Projected Shortfall in Apartment Homes by 2030