Freddie Mac Multifamily senior vice president David Brickman recently interviewed Sam Zell, chairman of Chicago-based Equity International. In their exchange, Zell discusses recent multifamily housing trends and what they mean for the industry’s future.
“This is a semi golden age for apartments,” Zell says, adding that the single most demographic issue is the delaying of marriage. It delays homeownership, and promotes multifamily living situations, creating more demand. Homeownership rates may drop to the 50 percent range in five years, he estimates, as more people adopt an urban lifestyle.
With homeownership, overbuilding, and financial recovery leading the discussion, Zell remains pretty confident about the multifamily sphere for years to come.