Why renters are still driving America's building boom

CNN Money reports:

Although this might suggest buyers are driving homebuilding again, renters are still playing an unusually large role in the home construction industry -- a trend that's lasted since 2007 when the housing market collapsed. Construction of multi-family homes, typically destined for the rental market, make up about 33% of all residential construction today. That's markedly higher than the average of nearly 20% over the past two decades.