Rental Demand to Surge Among Millenials, Seniors, and Minorities

hamilton-zanze August 03, 2015

New renters are expected to outnumber new homeowners over the next 15 years, according to a report from the Urban Institute. This will push the U.S. homeownership rate down from 63.6% in 2013 to 61.3% by 2030, leading to sustained growth in rental demand.

Authors of the report predict 13 million of the 22 million new households established in the U.S. between 2010 and 2030 will rent their homes, particularly among Millennials, seniors, and minorities.

Developers are completing hundreds of thousands of new apartments this year, which is expected to lead to supply outpacing demand in the near term.