The Real Reason More People Are Choosing to Rent | Richard Ross on Real Estate Affordability

The Real Reason More People Are Choosing to Rent | Richard Ross on Real Estate Affordability

What’s actually happening in housing right now, and why don’t the headlines tell the full story?

In this episode of Common Denominator, I sit down with Richard Ross to break down what’s really driving today’s rental and housing market. We get into why multifamily occupancy is dropping even as the country faces a housing shortage, how demographics are reshaping demand, and why more renters are moving away from traditional apartments.

Richard walks me through the rise of built-to-rent single-family communities, why three- and four-bedroom rentals are in such high demand, and how affordability, lifestyle, and flexibility are changing renter behavior. We talk interest rates, the lock-in effect, institutional ownership narratives, and where real opportunities may exist as stress builds across commercial real estate.

In this episode, you’ll learn:
– Why apartment occupancy is falling despite housing shortages
– How demographics are reshaping rental demand
– Why renters are choosing single-family homes over apartments
– The real math behind renting versus owning today
– Why interest rates don’t work the way most people think
– How flexibility and lifestyle now drive housing decisions
– Where pressure — and opportunity — may emerge in real estate

Timestamps:
00:00 – Why housing data feels contradictory
01:05 – Demographic shifts impacting apartments
03:09 – The built-to-rent single-family model
06:57 – Renting vs owning: the real numbers
07:52 – Institutional ownership and political narratives
11:30 – Renters by choice and lifestyle flexibility
12:36 – Creating real community in rental housing
15:59 – How far people are willing to live from work
17:44 – Why mortgage rates don’t follow the Fed
20:35 – Where opportunity may emerge next

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