Amid persistently high interest rates and waning, but still-elevated, inflation, prices for single-family homes continue to increase, and despite the lower rent growth in the apartment market, the Harvard JCHS's recent State of the Nation's Housing Report finds continued affordability pressure in both the rental and for-sale areas of the housing market. While both rent growth and the growth of single-family home prices have sharply increased in the past 3 years, prices for single-family homes have increased by a far greater amount, which is a strong signal of housing demand that points to higher rent growth in the multifamily market as the wave of new apartment deliveries subsides over the next year-and-a-half.

Sources discussed in this episode:

Harvard Joint Center for Housing Studies: “The State of the Nation’s Housing 2024” - https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard_JCHS_The_State_of_the_Nations_Housing_2024.pdf

John Burns Research and Consulting: “How will the declining birth rate impact the move-up housing segment?” - https://jbrec.com/insights/declining-birth-rates-fewer-children-affect-us-housing-demand/

Apartment List: “The U.S. Added Nearly 600,000 Super Commuters in 2022” - https://www.apartmentlist.com/research/the-us-added-nearly-600000-super-commuters

The Conference Board: "US Consumer Confidence Weakens Slightly in June" - https://www.conference-board.org/topics/consumer-confidence

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