Over the next five to ten years, housing will enjoy a nice tailwind primarily due to demographics. With the youngest Millennials now 26, the demand for single-family units will steadily rise, but the Millennial’s inability to accumulate wealth due to two deep recessions will prevent many from having a down-payment. Thus, I suspect single-family rentals will be the best market, followed by the owner-occupied single-family market, and lastly multifamily.