If you’re old enough to remember the rental market of the 1980s and 1990s, you remember that most people who rented units in multifamily rental properties were often younger renters who were just starting out in life.
In 2019 the demographics have changed, it’s not just younger renters who are living in multifamily rental properties any longer. There are renters across every age demographic who are living in multifamily properties compared to single-family homes.
The Changing Demographics of Multifamily Properties
Thanks to recent data from National Real Estate Investor we know that the apartment market has grown by 12% over the last 10 years. This growth can directly be traced to the changing demographics of the multifamily industry.
- Millennials – In 2019, more people from this age group are putting off getting married and starting families than other generation in years past. Many people from the Millennial age group are also putting off buying homes early in life like their parents once did and are settling for renting multifamily properties.
- Baby Boomers – More homeowners age 65 and older are choosing to sell off their single-family homes in 2019 and live in multifamily rental properties. Why? Most Baby Boomers who choose multifamily over the single family like the convenience that multifamily offers them and the fact that they don’t have to have as much “stuff” as when they lived in single-family properties
Another reason why there’s been such a huge demand for multifamily rentals over the last 10 years is most apartments, fourplexes, condos and other multifamily properties are being built closer to downtown areas. This means less of a commute to work for renters, easier access to the downtown nightlife, amenities, and medical care than single-family homes.
Contact GoldenWest For Professional Property Management
To learn more about changing demographics in multifamily rental properties, or to speak with us about our property management services, contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.