The document discusses the multifamily housing market and opportunities for building product companies. It notes that there is intense long-term demand for rental housing driven by population growth, immigration, and demographic shifts. However, there is also limited supply due to underbuilding in recent decades. This imbalance between demand and supply creates optimism for multifamily development. The document outlines the opportunity for building product companies to partner with owners and developers and influence decision makers through trusted industry publications.

5. DEMOGRAPHIC SHIFTS OVER THE NEXT 10 YEARS FAVOR MULTIFAMILY DEVELOPMENT Multifamily Trends Source: U.S. Census Bureau Projected total population growth rate by age, 2008–2018 Apartments and condos: single and roommate rentals; entry-level and move-up condos Apartments and condos: move-down / downsizing and lifestyle product Senior living 20 – 24 25 – 29 30 – 34 35 – 39 40 – 44 45 – 49 50 – 54 55 – 59 60 – 64 65 – 69 70 – 74 75 – 79 80 – 84 85+

12. Source: READEX Research, M ULTIFAMILY E XECUTIVE, Reader Profile Study, 2003 Action and Intelligence MULTIFAMILY BUYERS ARE MOTIVATED BY DIFFERENT FACTORS THAN THEIR SINGLE-FAMILY COUNTERPARTS Bringing units to code Standard procedure at property age Product quality upgrade General modernization Property value increase Ability to increase rents Making property competitive in the market