ATLANTA—Approximately 76% of renters surveyed said they believe renting is more affordable than buying a house, which is a 10% increase from a year ago. That's according to an October Freddie Mac survey.

The Freddie Mac survey also pointed out that all demographic groups from Millennials to Baby Boomers believe renting multifamily units is a more affordable housing option. These latest data points combined with a near 10-year trend of low homeownership rates are clear indicators of the growth potential in the multifamily sector.

“Many households in the US prefer the flexibility of renting and feel strongly that renting is a better fit for their financial wellbeing than owning a home,” Ed Hussey, head of Multifamily Production for Pillar Financial, a division of SunTrust Bank, tells GlobeSt.com. “However, that does not mean that there is a glut of available rental units.”