Rent growth for apartment housing is weak but high interest rates are pushing some groups to rent for longer durations, according to a new report from a real estate research firm.
The report — from Yardi Matrix — said demand for multifamily housing is “boosted by weaker home sales as would-be homebuyers can’t afford to buy” which is pushing Millennials and Gen Z to rent for longer.
“(Those groups) typically would be buying homes if they were available,” said Doug Ressler, a spokesman for Yardi in Arizona. As of June 13, the rate remained elevated on a 30-year fixed mortgage — at 6.95%, according to Freddie Mac’s website.
