Is it all about prices for both buying and renting? Home prices are still rising but at a slower pace this time than last year, not the case for rents. Which are at record high in some markets as demand far out paces supply. Yes, We are seeing new mulit-family construction and delivery of those units but occupancy is now an all time high. Despite predictions last year renters would turn into buyers. They key for buyers is twofold. This first would be (mortgage market) rates are expected to rise slightly and new rules for lenders going into effect the 2nd half of this year could stamex as to credit. The second (the supply) housing starts are rising but as far as slower pace than demand and builders are trying to hold onto their pricing power. They can do that a lot more easily when supplies are slim but some are starting to give putting up those lower price homes which could stoke actually over all sales in the 2nd half of this year. 

Americas rental apartments are historically full: 

        U.S Apartments

        95.3% occupancy rate

        Highest on record 

        Should remain high.

        Apartment Rent

        Rent growth up 5% in May 2015

        Up from 3.6% in May 2014 

Demand is not just among the millennials. There's really a growth of demand buy the term people are using "rent by choice" and it's an older renter looking to down size. That doesn't want to own anymore. That among with more minority households home ownership will not bottom out until 2030 we are just at the start of a huge rental surge with not nearly enough space to meet it.