"What does that mean for the housing market? Well, for starters, it should push more buyers into the system. As more of the millenials compete to rent, that pushes rental prices up, which makes some renters look more favorably toward buying. It’s tough to predict what the ratio will be — will every 10 new renters create one new buyer? Two? Five? — but it’s clear that demand for owner-occupied housing, which has been slack for five years, is poised to swing up."
Read more about this subject at Time Moneyland.