Q2 2023 MultiFamily National Report
Pent-Up Household Creation and Millennial Homeownership
Deferment Position Sector to Overcome Current Headwinds
Inflationary pressures, alongside an economic softening, are subduing household creation. Untimely, this coincides with record construction in response to historic performance prior to last year’s recalibration, creating imbalanced supply and demand trends. As vacancy continues to rise, the pace of rent growth is slowing. However, longer-term momentum is accumulating amid substantial homeownership barriers.