Renting the new American dream: Trends affecting the residential market
For most baby boomers, achieving the American dream meant having what their parents had — owning a home and raising a family in it. Today, the elements of the American dream have shifted for people in their 20s, 30s and even older, thanks to a confluence of economic and societal factors. One major change? Owning a home may no longer be a necessary element of achieving the American dream. Even for those who would like to own a home, financial challenges and a lack of inventory are proving to be a barrier.
What this means for the multifamily sector is the fundamentals remain strong for those interested in investing, particularly in markets that haven’t been the focus of the recent multifamily-construction boom. There is a need for quality, affordable apartments where people can fulfill their own American dream, whatever that looks like, even if their name is on a lease and not a mortgage title.
The lingering effects of the housing crash