Housing Research Brief
Hot Housing Market Spills Over Into Multifamily Rentals
Pandemic heightens changes in lifestyle. The leading edge of the 72 million millennial cohort began to age into the homebuying stage of life during the global financial crisis. Deterred by the housing crisis that followed, many delayed purchasing. Although millennial home-buying had picked up before the health crisis began, it was sped up dramatically as companies sent employees home to work. No longer tethered to the office and confronted with economic uncertainty, priorities and lifestyles shifted and homeownership became more important. Buyers, however, were confronted with an already-low supply of for-sale options throughout the nation, which pushed prices higher.