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A drop in homeownership rates will fuel a significant increase in demand for rental housing over the next five years, according to a study released by apartment properties acquisition and management company Middleburg Communities.

The June 11 report projects a decline in U.S. homeownership to 62.1%, the lowest rate in more than 20 years, before a partial recovery to 63.6% in 2025. Depending on the effects of the recession, the demand for rental housing will increase somewhere between 33% and 49% over that time period, the report concludes.

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