MIAMI—Unfortunately, incomes have not been rising meaningfully, as more of the economic output is accruing to capital in the form of profits and dividends. So says Gary Carmell, president of CWS Capital Partners.

“As the average required credit scores have risen since the downturn, the trend does not look very favorable for first-time homebuyers to enter the market in any meaningful fashion,” he tells GlobeSt.com. “They're generally lacking the credit, down payments, and incomes. This should keep people renting longer than they otherwise would, especially combined with the other factors cited previously.

By contrast, Carmell says, apartments have proven themselves to be an asset class that has staying power. While individual properties can face obsolescence and deteriorating location fundamentals, he says renting will always be in demand. And from what he can tell, the demand fundamentals should remain quite strong for a number of years to come.