We know the multifamily market is on fire, largely due to low interest rates, plentiful debt and equity, and demographics. The largest group of millennials are currently 24 and 25 years old and in their prime renting years. My personal belief is that these demographics are pushing the apartment markets to heights it had never seen before. This run of strong performance may last a few more years. It has also been widely publicized, however, that studies say 90% of millennials want to own a home someday. Do you think the single family market, most likely entry level homes, will see a similar incredible run in the coming years when we have more job growth and these millennials start buying? I understand the challenges with high levels of student debt and other obstacles, but marriage and then kids are usually what people people to move out of apartments and into homes. Curious what people think and if this is on anyone else's mind? Brian Burke Steve Olafson Jay Hinrichs J Scott Ben Leybovich