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Aging Americans Continue To Drive Demand For Urban Luxury Apartments

Baby boomer

In some ways the luxury apartment market has been steady for the last few years, and while demand is still strong, it's starting to come from a different place—older Americans.

Experts say Millennials are becoming a less common source of demand for luxury apartments in urban centers while older Americans are picking up the slack, GlobeSt reports. In order to meet their needs, many developers are starting to modify floor plans to increase room count and size.

Oftentimes these apartments are being occupied by just one or two people, but developers are learning older, affluent Americans simply want more space. And that’s not likely to change soon—renting is on the rise, among all age groups and income levels, according to a report published earlier this year by Harvard’s Joint Center for Housing Studies. [GS]