It’s the fastest growing part of the housing market you may not see in your neighborhood. New apartment buildings popping up everywhere now with the largest share of total new home construction since the 1970’s. New rental apartment projects surged 56% in 2011, 36% in 2012, 25% in 2013, and they are forecast to rise 9% in 2014. So has this rental rise reached the top floor? Experts say not yet. Why? Call it housing’s millennial effect. Unemployment is still stubbornly high for younger Americans and many already owe tens of thousands in student loans. When millennial’s find a job they just want a roof over their head not a mortgage. Plus credit is tight. So buying is tough, a down payment even tougher. Also millennial’s value mobility and urban areas offer convenience. That demand is pushing up rent prices across the US. Rents are up 3% over the past year. And nearly twice that in renter heavy cities like San Francisco, San Jose, Seattle and Boston But long-term the millennial effect could produce a familiar result as this generation grows up has children finds more steady employment. The need for more space and the financial prospects of owning a home could push Millennials into single-family homes and lift the housing market for everyone else.

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