This week’s industry news highlights are characterized by an increased interest in renting and a decreased interest in homeownership. First, The Washington Post states that mobility, convenience and community factors are driving a greater number of millennials and baby boomers to choose renting as a long-term option. Then, MBA Mortgage reveals that the number of college graduates in their twenties who live with their parents has increased from 19% in 2005 to 28% in 2016. Arbor Chatter takes a closer look at why small assets are seeing a rise in the number of baby boomers and seniors, as they look for neighborhood level amenities and services. Next, NMHC provides a comprehensive analysis of the apartment market, concluding that the first quarter was solid. CityLab explores the evolving views on homeownership and some of the factors behind its declining rates.

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Forget Owning, Renting is Becoming an End Game for Many Millennials and Baby Boomers

The Washington Post – May 8, 2018

“Instead of viewing renting as a short-term phase, an increasing number of residents are choosing rental housing specifically because it offers a more-flexible lifestyle than homeownership.” 

In Boom/Bust Markets, Younger People Stay at Home

MBA Mortgage – May 10, 2018

“Today, tighter lending standards, high home prices and constrained inventory make breaking into the home-buying market more difficult for recent graduates.”

Older Households Make Gains in Small Asset Unit Demand, Millennial Households Form the Largest Share

Arbor Chatter – May 10, 2018

“A closer look at householder age indicates the steady graying of small asset apartment demand.”

Apartment Market Posts Solid Quarter

National Multifamily Housing Council – May 10, 2018

“RealPage’s national vacancy rate for investment-grade apartments rose 10 bps to 5.0 percent in the first quarter, remaining unchanged from the previous year’s 1Q figure.”

Mapping the Rise of Renting and the ‘Great Housing Reset’

CityLab – May 3, 2018

“The rise of renting in the U.S. isn’t just about high housing prices, or preferences for city living, but about the flexibility to compete in today’s economy.”

 

By | 2018-06-21T19:57:51+00:00 May 11th, 2018|Blog, NYC, Real Estate|0 Comments

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