The past 10 years have been good to multifamily developers and owners. Fueled by housing shortages and a rush of young professionals into urban cores, rents are expected to increase on average by 3.8% this year. In the post-recession market, shrinking unemployment and rising income have put further pressure on supply in major metro areas. A preference for renting over homeownership remains among millennials and baby boomers.
Yardi Matrix predicts continued moderate multifamily growth this year, which includes an anticipated delivery of 360,000 units in 2018. But concerns about overbuilding in the luxury market, insufficient affordable development and changing demographics remain on the horizon.
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