Research - JULY 31, 2020

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Demographic shifts fuel long-term apartment demand

by Andrea Zander

The strong demand for middle-income housing is fueled by several long-term economic and demographic trends and a beneficial supply/demand dynamic, providing attractive growth prospects in this sector of the multifamily market, according to The Praedium Group and Mast Insights in their jointly produced report, which focuses on the outlook for the U.S. apartment market, with an emphasis on middle-income multifamily housing and renters earning 90 percent to 140 percent of national median income.

Demographic shifts are fueling long-term apartment demand, as Gen Z, millennials and baby boomers all enter notable renting ages and show a higher preference for renting over ownership. At present, a record number of millennials and older Gen Zers are living at home — which has likely increased as a result of the COVID-19 crisis — representing a potentially huge pool of middle-income housing pent-up demand.

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