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Why are more millionaires choosing to rent?

Plus: college towns with too many student beds, a possible opening for big landlords, and AI opportunities beyond data centers.

Author

Vidit Saxena
October 23, 2026

Sponsored by

ZERO FLUX23 OCT 2026 / 5 MIN
TODAY'S MAIN SIGNALS
1Housing costs are keeping more adults in shared homes.
2Self-storage demand is too weak to support rents.
3Some student housing markets now have too many beds.
RATES
30-YR FIXED
7.30%
CHANGE FROM PRIOR IN BIPS
1D -10   1W -3   1M +13   1Y +113
10-YR UST
4.979%
CHANGE FROM PRIOR IN BIPS
1D -15   1W -11   1M -13   1Y +97
SOFR
3.88%
CHANGE FROM PRIOR IN BIPS
1D 0   1W 0   1M +3   1Y -35
MARKET SIGNALSFREE
RESIDENTIALLINK
America is missing 4.3 million households. What is holding them back?
Missing U.S. households by age group, comparing actual 2025 households with households at 2010 formation rates
Source: John Burns Research and Consulting, October 2026
-High housing costs are keeping adults in shared homes, leaving the U.S. 4.3 million households below what 2010 living patterns would imply. Builders may find an opening in cheaper homes, not merely smaller ones, as the median starter home now costs $340,000.
RESIDENTIALLINK
A new White House order targets several costs of buying a home
-The order seeks to cut mortgage insurance, title insurance and government loan costs for buyers and refinancers. Borrowers may not see savings soon.
RESIDENTIALLINK
Who will run America’s rentals when aging landlords step away?
-Professional managers, buyers and heirs could take over as older landlords step away, with nearly 40% of rental-income households headed by someone 65 or older. That shift could bring professional management to more rentals.

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THE AI LAYERAI + REAL ESTATE
Which real estate sectors could profit from AI beyond data centers?LINK
-Powered land, industrial buildings and battery sites offer the clearest near-term AI upside beyond data centers because they can ease buildout bottlenecks.
TOOLS TO KNOW
SiteVue   AI-powered wearable cameras and computer vision software for monitoring construction sites and industrial operations.
FUNDING ROUNDSPROPTECH
HerthaMetals, a metals producer, raised $134 million in Series A funding, with Khosla leading the round.
Homeward, a cash-offer platform for homebuyers and sellers, raised $120 million in Series D funding.
Miter, a construction workforce software provider, raised $40 million in Series B funding, with Battery leading the round.
Novele, an energy software provider for commercial buildings, raised $17 million in Series A funding, with Boisei leading the round.
Kuro, a German software provider for construction contractors, raised €10 million, with UVC leading the round.
THE EDGEPREMIUM
RESIDENTIALLINK
The Wall Street homebuying ban leaves a window for new BTR deals
-A proposed exception would let large buyers invest in newly built BTR communities within 18 months of occupancy approval if no unit was owner-occupied. Developers that wait longer could lose access to investors with at least 350 homes.
COMMERCIALLINK
Which college towns built too much student housing?
-Oversupply is emerging near UCF in Orlando, FL, NC State in Raleigh, NC, and Texas A&M in College Station, TX. NC State occupancy fell to 81.3% after nearly 2,200 beds opened, while Texas A&M still has 5,365 underway.
COMMERCIALLINK
Self-storage rents keep falling even as new supply slows
-Demand is now self-storage's bigger problem: advertised rents fell 1.8% year over year in September even as supply pressure eased in 21 of 30 major metros. Longer lease-ups and weak population growth leave operators little relief.
COMMERCIALLINK
Where multifamily owners are finding savings to protect income
-BH Management combined centralized administrative work, renegotiated vendor contracts and selective renovations to raise net operating income 20%. Owners can look for similar savings instead of relying on higher rents.
UNREAL REAL ESTATE
A Circle House in Wisconsin
A Circle House in Wisconsin
In Cambridge, WI, this home swaps the usual boxy footprint for a circular design. LINK

 

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