Here is a review of three key demographic points: 1) Demographics have been favorable for apartments, and will become more favorable for homeownership. 2) Demographics are the key reason the Labor Participation Rate has declined. 3) Demographics are a key reason real GDP growth is closer to 2% than 4%. • Renting vs. Owning It was over five years ago that we starteddiscussingthe turnaround for apartments. Then, in January 2011, I attended the NMHC Apartment Strategies Conference in Palm Springs, and the atmosphere was very positive. The drivers were 1) very low new supply, and 2) strong demand (favorable demographics, and people moving from owning to renting). Demographics are still favorable, but my sense is the move "from owning to renting" has slowed. And more supply has been coming online.