Brian Oates, Vice President of Development at Pollack Shores Real Estate Group oversees development of multifamily housing and reports millennials are not seeing the value of buying a house. They are willing to spend a significant percentage of their income – 30% – 40% – for an intown apartment location and unlike previous generations, they are not saving money for home down payments. Since apartment demand still exists, there are opportunities for deals although financing is tightening up and the cost of construction has gone up 10% per year in the last 3 years.