June 30, 2020 |
Updated August 4, 2021
As families expand and COVID lingers, space will be at a premium.
With a deadly virus circulating, some people are looking for as much space as possible. That’s why suburban apartments may be the favorite of both residents and investors moving forward, according to Globest.com.
But that’s not the only trend driving growth in suburban apartments. “Now that millennials have started growing up, those suburban apartments could enjoy even more robust demand. The population of people in their 30s will increase by 7.1% by 2025, while the rest of the population will only grow by 3.8%, according to The US Census Bureau,” reports Globest.com.
While the market has been moving toward smaller apartments, those millennial renters moving to the suburbs will be demanding more space.
“We already expected the shift in unit sizes simply based on growing household sizes,” says Lee Menifee, PGIM Real Estate’s Head of Americas Investment Research told GlobeSt.com. “With COVID and the response to that, work at home, at least part of the time, may become more common. To do that comfortably definitely requires more space.”