In many ways, stability is also at the core of the concept of Shelter.  We know from research that stable housing is beneficial to the individual, their community and the economy.  One of the key benefits we deliver with our Multifamily assets is increasing stability for our residents and enhancing pride of residence.  We do this by bringing new amenities to our residents, upgrading our units and doing the heavy lifting of deferred maintenance many owners avoid. 

Another element of shelter is the reality that technology revolutions will not change the core product or the core demand.  It will not be replaced by an app.  It might be improved, streamlined and morphed differently on the edges.  Regardless, the walls, the roof, the core product will sustain market evolutions.  We all need a place to live.  In looking across our business / investment landscape since the development of the iPhone in ‘07 it’s very easy to see how the rise of technology has disrupted almost every sector in our economy in a significant way.  Multifamily will evolve around the edges but no microchip is going to allow someone to sleep under it.  

To put a fine point on Shelter, let’s also look at renting or owning.  As laid out, cost of ownership is continuing to grow.  The economic spread between the upper and lower income levels is growing.  This points to continued demand for Multifamily.  It wins over other sectors for many reasons:

• Affordability compared to purchasing
• Less cash up front required than renting a single family home
• More flexibility for the residents
• Greater amenities
• Often nicer residences than they could afford otherwise