Spotlight: U.S. Housing

The U.S. renter base is getting older and wealthier, with households staying in apartments longer and increasingly raising families in multifamily housing. Today, 37% of renters have a child at home, an increase from 29% in 2022.¹

Elevated home prices, higher mortgage rates and limited supply continue to reinforce this trend, along with return-to-office dynamics in major markets.

Build-to-rent communities offer families access to desirable neighborhoods, schools and amenities—without the financial barriers of buying.

Demand is being driven affordability constraints in the purchase market, with the renter population growing three times faster than homebuyers.² Despite this, new supply is tightening, with deliveries expected to decline 55% over the next year.

As housing costs outpace income growth for much of the U.S. population, working families increasingly struggle to afford market-rate rents, driving reliance on income-restricted and subsidized housing.

Still, supply has failed to keep pace, creating an undersupplied subsector with persistent demand and strong fundamentals. For renters earning at least 50% of area median income, there are just 54 affordable and available rental homes per 100 households. ³

Increasing out-of-state enrollment, particularly at schools in the Big 10 and SEC, is driving sustained demand for student housing at large public universities. At the same time, supply has pulled back sharply. Between 2015 and 2025, student housing construction starts declined by roughly 75%, while rents increased by more than 30%.⁴

The result is a structurally undersupplied sector with recurring demand and resilient performance.

Senior housing benefits from clear demand tailwinds. With baby boomers starting to turn 80, the U.S. population of octogenarians is set to double by 2040. Supply, however, is not keeping pace—by 2030, new development is expected to meet less than one-third of projected demand.⁵

This imbalance, combined with the operational intensity of the asset class, creates significant opportunity for experienced owner-operators.

Manufactured housing is one of the most affordable and supply-constrained segments of the U.S. housing market. With all-in monthly payments roughly 45% lower than to traditional single-family homes,⁶ they provide a critical solution as affordability pressures mount.

Demand has remained consistently strong and new supply has been virtually nonexistent for over a decade, supporting high occupancy and steady rent growth.