2022 State of the U.S. Housing Market


Hailey Ghalib, AIA
Executive Managing Director, Head of Housing and Development

Jay Johnston
Senior Associate, Research

Will McIntosh, Ph.D
Global Head of Research

Mark Fitzgerald
Executive Director, Research

May 2022

Executive Summary

Housing is a necessity and the composition and trajectory of the U.S. population, combined with a supply and demand imbalance, have led to robust demand for rental housing and an enduring investment opportunity. This paper evaluates investment conditions across rental housing sectors, focusing on the long-term outlook, demand drivers, and developing macro trends that will likely impact the broader housing market going forward. It concludes by identifying a prudent approach for potentially capturing the opportunity in U.S. rental housing.