In this analysis we provide an outlook for the multifamily real estate market over the next several years. Analyzing demographic trends, housing supply, and economic data, we forecast future multifamily demand. Our scenario-based approach explores rental market conditions, including both single-family and multifamily units, under different economic environments. While the current rental markets are strong with low vacancy rates and rising rents, we evaluate the near-term outlook for the housing market and develop a forecast of the demand for multifamily rentals. 

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