Birth rates are down 35% in the last three decades. At the same time, deaths are inching up. By 2034, the U.S. is projected to have more deaths than births. This is happening due to the a) aging of the U.S. population and b) lower fertility rates.
Fewer young Americans aging into their prime years working and home-buying years. At the same time millions of older owners are aging out.
Source: Nick Gerli
Multifamily Market News 