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.  

Elevated home prices and mortgage rates combined with limited supply have made renting a longer-term choice for many households. Today, 37% of renters have a child at home, an increase from 29% in 2022.¹ Well-located multifamily housing remains an important source of supply for families and working professionals. 

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

Demand is being driven by affordability constraints in the purchase market, with the renter population growing three times faster than homebuyers.² Despite this, new supply is tightening, highlighting the need for additional housing investment. 

As housing costs outpace income growth for much of the U.S. population, working families are increasingly unable to afford market-rate rents, driving demand for income-restricted and subsidized housing. However, supply has not kept pace. For renters earning at least 50% of area median income, there are just 54 affordable and available rental homes per 100 households. ³

Preserving and expanding affordable housing will require collaboration among public agencies, developers and long-term investors. 

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 an undersupplied sector with recurring demand where additional investment can help universities accommodate growing enrollment and enhance student living options. 

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 of senior living is expected to meet less than one-third of projected demand.⁵  

This imbalance highlights the growing need for experienced owner-operators capable of delivering high-quality housing and care environments for an aging population. 

Manufactured housing is one of the most affordable segments of the U.S. housing market, with all-in monthly payments significantly lower than traditional single-family homes.⁶  

Demand is steady, but there’s been limited new supply for more than a decade. These homes can provide a path to ownership for residents, and expanding the supply to meet housing needs will require long-term capital and experienced operators.