by Kansas Fed
Multifamily home construction has rebounded strongly since the housing crisis, driven by an increasing share of young adults living in apartments.
In the longer run, however, baby boomers will primarily drive multifamily construction as they age into their senior years and downsize from single-family homes to apartments.
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Source: https://www.kansascityfed.org/~/media/files/publicat/research/macrobulletins/mb15rappaport0623.pdf
