This seems to be the question, specifically for both first-time homebuyers and millennials. The bulk of the problem lies in the current barriers to homeownership: lifestyle changes, prices that continue to increase, and a shortage of available inventory.

Following the collapse of the housing bubble in 2007, homebuilders began to direct their efforts towards higher-end construction. What has resulted is a limited supply of affordable homes being listed and purchased, ergo, historically low homeownership rates.

While homeownership is hitting record lows, conversely, apartment occupancy has hit a ten-year peak! Limited options for first-time buyers have directed their new households and income towards rentals, both of which benefit multifamily property owners. What we see is the law of supply and demand – As the demand for rentals increase, the price of rent continues to rise!