Economists' Outlook

Housing stats and analysis from NAR's research experts.

Demand for Residential Rental Properties Still Strong

The demand for rental units appears to remain strong, judging by rental price trends. Approximately half of REALTORS® responding in the REALTORS® Confidence Index Survey reported higher residential rents compared to 12 months ago. About 23 percent of REALTORS® reported conducting an apartment rental.

There have been reports that Millenials (the generation born approximately 1978/9 and subsequently) may be unable or unwilling to participate in homeownership to the same degree as previous generations--based on tough job markets and higher levels of student debt. This conclusion is not substantiated by a recent survey—but the Millenial generation is still evolving in preferences and age. In the July REALTORS® Confidence Index survey, approximately 52 percent of transactions went to clients aged 35-55 years old. Those aged 20 to 34 and under (that part of the Millenial generation currently of home-buying age) accounted for 26 percent of reported sales and numbered 28 percent of the over age 20 population.

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