The American dream of homeownership slipping further out of reach is boosting multifamily demand and helping the industry keep its head above water amid threats posed by new supply deliveries and rising rent delinquency. Spiking interest rates and high property values are keeping tenants in their rentals. That is providing multifamily communities with healthy occupancy and retention, executives of some of the nation's largest multifamily REITs said on third-quarter earnings calls over the past week. But a rising number of tenants not paying rent and avoiding eviction for as long as possible is complicating the picture. Meanwhile, increased supply in all the wrong places is encouraging competition and concessions, with some executives saying they expect rent growth to temporarily slow as a result. 
The percentage of tenants moving out of AvalonBay Communities’ properties to purchase homes dipped below 10% this year, well below the long-term average, which hovers in the mid-teens, Chief Operating Officer Sean Breslin said.“[The] difference between the cost of owning the median-price home… Read the full story here. | 
