Renter households are growing fast — 2.5% vs. 0.8% owner growth this year.
Single-family starts expected ↓ 3.0% in 2025, ↓ 0.5% in 2026, then rebound in 2027.
Multifamily housing is booming — up 6% in 2025 as buyers shift to renting.
Inventory of unsold new homes nearly 4× higher since 2022 — builders feel the squeeze.
Affordability struggles + more multifamily units = a renter-first market in 2025.
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