July 2, 2015
Well, you can forget about that multifamily bubble that you might have been worried about.
The national occupancy rate was 95.3 percent in May, the highest on record, according to research firm Axiometrics. In addition, rents also grew five percent over the month. One of the things that is driving the rent growth is the fact that Millennials are finding good jobs and moving out of group housing.
Additionally, the home ownership rate, at 63.7 percent is the lowest in 25 years, according to the Urban Institute. Due to this, there needs to be a lot more multifamily construction to meet future demand, the organization argues.