Does an increase in first-time homeownership mean trouble for the rental industry?

First-time homeownership is on the rise. According to a recent TransUnion projection, at least 8.3 million first-time homebuyers will enter the mortgage market between 2020 and 2022. That number could reach 9.2 million if economic growth exceeds expectations — a significant acceleration from the 7.6 million first-time homebuyers added in the last three-year period (2016–2018).

_*Projection
^{**Note that as 2019 has yet to conclude, we have not included it.}

In a LendEDU survey, 89% of non-homeowning Millennials between the ages of 23 and 38 wish to become a homeowner at some point. Most of these aspiring, first-time buyers are renters relying on good credit scores for mortgage loan approval.