The institutionalization of the single-family rental market will be driven by key three demographics over the next decade: millennials on the cusp of parenthood, office workers looking for more WFH space, and aging baby boomers, according to a new report from MetLife.

The firm estimates that 11 million new households will be formed in the US over the next decade, and many of those will consist of Americans for whom the price of homeownership is increasingly out of grasp. Saddled by elevated student debt and a lack of savings, nearly 70% of homebuyers in the millennial segment say debt is delaying their purchase.  On the other end of the spectrum, baby boomers are navigating Social Security and pension challenges and lower savings rates against the backdrop of ever-increasing medical costs.

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