Millennials will play a key role in bolstering the rental housing market over the next several years, as the generation of 73 million people ranging from their late 20s to early 40s is undergoing a variety of significant life milestones.
The median age of marriage for millennials is about 29 years old, and many of this generation are forming families, which has a significant impact on the housing market, said John Chang, national director of research and advisory services at Marcus & Millichap.
“There are a couple of factors in play,” said Chang. “First, the enormous wave of millennials in their prime household formation years is a core underlying housing demand driver, and even though the leading edge of this cohort is aging into their 40s, they're staying in rental housing longer.”
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