Developers still hope that Millennials will help fill the slowly growing number of vacant apartments across the United States. They might be right.

More than a million Millennials still live at home—less than a few years ago, but still a substantial number, including some who are likely to eventually rent apartments. “There’s potential upside in demand there,” says Ron Witten, founder of Witten Advisors, an advisory firm that focuses on the apartment sector.

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