Echo Boomers Important Multifamily Driver

The multifamily sector is still flourishing as rents continue to rise and renters demand new development. According to Meyers Research, a Kennedy Wilson Co., which just released its latest trend report, national rent for markets covered by RealFactsreached an all-time high of $1,042 per month in the third quarter of this year, an increase of 4.8% from a year ago. Given the lingering effects of the recent housing-market crisis, which continues to push former homeowners into the rental market, demand fundamentals should continue to be strong for rental units, keeping rents growing in the near term, the report reveals.