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 will evaluate 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 will conclude by identifying a prudent approach for capturing the opportunity in U.S. rental housing.