- Rich renters: Millionaire renter households jumped 229% from 2020 to 2024, as affluent millennials and Gen Z increasingly choose leasing over owning.
- Thin margins: Apartment owners kept just 11 cents of every rent dollar in 2025 as operating expenses rose 4.6%, outpacing revenue growth of 2.7% and squeezing margins across market-rate and affordable housing.
- Buyer retreat: Single-family rental demand jumped 21.6% as would-be buyers keep leasing, with a typical rental running about $771 below a monthly mortgage.
- Delinquency shift: Private-label CMBS now carries a 7.69% apartment delinquency rate, more than double two years ago, as troubled loans quietly migrate out of CRE CLO pools.
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