The Bank of America-Merrill Lynch report cites a single factor as the major contributor to this development in the housing market—the entrance of younger Americans looking for their slice of independence.
The younger crowd, the report suggests, are expected to enter the market as home renters rather than home buyers, driven by a desire to leave their parents’ homes or the shared apartments they spent the recession years in. However, lacking the momentum to go straight into homeownership because of job constraints and the inability to obtain mortgages, this demographic is most likely to opt for renting multifamily dwellings.
This scenario, however, is expected to put some strain on the market, especially as spring and summer roll in this year. In order to secure the best deals, families looking for comfortable apartments in Temecula are advised to take this into account.