A growing number of Baby Boomers now believe that it's better to rent than to buy a home in the current environment, with 80% on board, up from 63% a year ago, according to a report from Bank of America.

This cohort is a growing constituency for multifamily landlords. Meanwhile, younger renters may be more temporary as many are unsure whether now is a good time to buy and whether they can afford it.

Many prospective buyers feel that they lack the confidence needed to begin their homebuying journey, and don't want to make a mistake, according to BoA.

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