Millennials aren't the only ones struggling to find a home to buy. A shortage of houses in the entry-level price range is prompting institutional landlords to begin building new ones themselves. $(Link)
"California-based American Homes 4 Rent has been building houses throughout the Southeast to add to its pool of more than 52,000 rental homes across the country. Chief Executive David Singelyn told a recent gathering of rental investors that in some places the company can build houses for about the same price that it costs to buy existing ones. By building houses, American Homes avoids sales commissions and renovation costs. It can outfit homes with its preferred fixtures and finishes at the onset, and charge higher rents than it can fetch for its older homes, Mr. Singelyn said."
U.S. millennial stats
Source: Raymond James Report on 2019 outlook