1. Growing and changing rental demographics, including more older Americans, a younger generation that is renting for a longer portion of their lives, and a growing immigrant population.
2. A supply deficit. McCargo writes, “About 4.6 million multifamily units are needed by 2030 to meet the demand for rental housing,” but, she adds, the last ten years have shown the lowest rate ever of growth in rental housing.
3. Infrastructure problems. Already existing housing is in need of repair, and if something isn’t done about it we will soon start losing a percentage of the rental housing that already exists.
Read the full article here.
Photo courtesy of Wikimedia Commons.