The pandemic recession was an unusual business cycle for Americans without a college degree in many positive respects. Non-college Americans are better off than in 2019 and, in some cases, better off than the hot economy of the late-1990s/early-2000s across a wide array of measures. Many of these Americans start out as renters, which demonstrates why multifamily rents were able to rise so significantly in 2020 – 2022 and have stayed high in most markets.
Source: Third Way
Multifamily Market News 