Report: Millennials Second to Baby Boomers in Multifamily Rentals
For all the talk about Millennials, industry intel company Yardi Matrix says Baby Boomers will lead the growth in apartment demand.
Boomers are expected to head to rental housing as they hit retirement age at far greater numbers than Millennials are leaving the nest. Between 2007 and 2013, Boomers filled up 1.3 million new apartments compared to Millennials’ 459,000, GlobeSt reports.
The report says high demand pockets will spring up in high concentrations of Boomers and Millennials. Development needs to follow demand and focus on the specific needs of the two groups.
Yardi’s VP Jeff Adler says the report "shows a compelling need for apartment supply growth over the long-term," which should give the industry a measure of confidence for the future. [GlobeSt]