Will a decreasing US birth rate hurt multifamily?

[Tyler Kastelberg]

The US birth rate has dropped for a 4th year in a row. Will this hurt multifamily real estate over the long term? 

If yes, where, when, why?

If no, why not?

"The United States’ birthrate fell for a fourth consecutive year in 2018, bringing the number of people born in the country to its lowest level in 32 years, according to provisional figures published on Wednesday by the federal government. It said the fertility rate in the United States also fell to a record low."

https://www.nytimes.com/2019/0...