| CBRE's Peter Donovan can reel off several quantifiable reasons why multifamily is so hot: favorable demographics, few starts, improving occupancy, some firmer rents (especially markets like Boston and DC) and a recession-driven movement away from ownership to renting. But he says a tough-to-measure behavioral shift also comes into play. Some well-heeled young people have come to see home ownership, their parents? stepping stone to financial security, as a millstone. Peter says it's a generational attitude among folks who prize mobility and simplicity. He says twenty-somethings don't necessarily want to worry about a mortgage and unexpected maintenance costs. Even as the economy improves, this trend may well continue. |
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