Surging apartment demand can be attributed to several demographic and economic trends. The U.S. homeownership rate continues to drop in the wake of the foreclosure crisis. In July 2016 the homeownership rate hit 62.9% — its lowest point since 1965 according to Census Data. ‘Rentership’ has increased, with over 36% of the population now calling a rental unit home. Stagnant wages and student loan debt are making it more difficult for younger generations to transition into homeownership. With more renters and a relatively slow development pipeline in most metro areas, rent rates continue to rise.