Baby Boomers Are Still Relevant in the Multifamily-Housing Industry
Digested from “Boomers Jostle Millennials for MF Dominance”
GlobeSt.com (7/6/2015) Bubny, Paul
Although the focus has remained primarily on millennials, older Americans are “increasingly downsizing to apartments,” especially after age 70. A study found that although millennials left apartment dwellings in the recession, the baby boomers never went away.
“Multifamily-housing occupancy among Americans ages 50 and 69 increased steadily between 2000 and 2013,” GlobeSt.com reports. And although they are renting, boomers prefer roomier places, which could lead to new development to satisfy this market.
In the future, it seems likely that seniors 70 and older will surpass young adults as the main drivers in the construction of multifamily housing, causing the industry to grow at a healthy rate through the end of the decade. Hopefully, demand will remain high, absorbing new supply coming online.