U.S. homeownership hits highest rating since Q1 2014
The rising U.S. homeownership rates recently hit 64.8 percent — the highest it has been since first quarter 2014, according to the U.S. Census Bureau. After hitting a 50-year low in the second quarter of 2016, there has been a significant resurgence, showing a trend of recovery for the housing industry.
But what affects will this have on the multifamily industry? Greg Willet, RealPage’s chief economist, discusses the topic:
With homeownership on the rise, how can we expect that to impact multifamily industry demand?
“While the nation’s homeownership rate has increased a bit of late, rental housing demand remains very strong. Net demand for apartments has hovered around 300,000 units for each of the past five years. In 2018, the occupied apartment count climbed by roughly 323,300 units, according to RealPage’s calculations. Thus, although some previous renters are opting to purchase housing, even more first-time renters are entering