Fri, 20 December 2019
205: Renter Demographics & Shadow Demand for Multifamily Units with CoStar Portfolio Strategy's, Andrew Rybczynski
Jason Hartman talks with Andrew Rybczynski, Senior Consultant at CoStar Portfolio Strategy, about what is happening on the construction side of both single family and multifamily properties. The tight labor market is causing unit completion to slow significantly, but there are a massive number of units being started. The two look at the impact of more millennials living at home on the shadow demand for apartments and whether renter demographics are still looking good.
[1:27] We're seeing a lot of construction all around the country, what's the supply/demand outlook?
[5:07] How much are construction costs going up?
[9:07] We're not building single family homes as much as we used to
[11:50] About 32% of adults 18-34 are living with their parents
[15:02] Looking at the spread between an apartment cap rate and a triple B bond
[18:57] How Andrew views renter demographics over the next 10 years