Executive Summary

Housing is a necessity and the composition and trajectory of the U.S. population, combined with a supply and demand imbalance, have led to robust demand for rental housing and an enduring investment opportunity. This paper evaluates investment conditions across rental housing sectors, focusing on the long-term outlook, demand drivers, and developing macro trends that will likely impact the broader housing market going forward. It concludes by identifying a prudent approach for potentially capturing the opportunity in U.S. rental housing.