Current Trends in Apartment Renting and Leasing
Apartment Renting Trends
As renting grows in popularity, trends are bound to change.
The Renting Demographic
Over 75 million baby boomers are looking to downsize into urban apartments to live a simpler lifestyle with access to services, amenities, and family.
An additional 80 million echo boomers are entering the housing market as renters. This typical demographic is between 17-31 years old, children of the baby boomer age, and grew up in the social media generation. Home buying has not become their number one priority as this generation typically postpones marriage and children. They are considered more eco-friendly, live an urban lifestyle, and typically utilize public transportation. Statistically, 70% of these households do not have any children as a result of their modest lifestyle.
As a result of these trends, it is projected that over 260,000 apartment buildings and townhome developments will begin. 80% of echo boomers prefer cities with an expected 1.5 million new renters in the past year. Because of these trends, apartment communities are becoming more populated averaging 200 units per acre. This is an increase from the less previous average of 150. The size of these communities is also decreasing from the average 800 square feet to 702 square feet. As it stands, it is becoming more common for renters to ditch the suburb, downsize their lifestyle and living, to rent in the city.
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