Here are the highlights of its recent forecast:
- Recent declines in homeownership related to economic stress and high foreclosures in the single-family housing market have benefited the multifamily market;
- The homeownership rate will drop 1 to 2 percentage points if the current slow recovery continues;
- The single-family rental market, a growing and distinct market from multifamily, has expanded 16 percent (about 3 million units) since 2007;
- Multifamily market demand is expected to be strong through 2015 primarily due to demographic trends and a decreasing national homeownership rate;
- Rental demand will continue to grow faster than historical averages;
- Multifamily demand is likely to be 1.7 million new renter households between now and 2015 (slow growth prediction). If the economic recovery accelerates, demand will be in 1 million new renter range; and if no recovery, then in the 1.6 million range for new renters.