The renter of the next 10 to 20 years will be much more different from that of today. Are you prepared?
“The demographic of renters is changing in an unprecedented way, by age, family, composition, country of origin and even head of household,” says Jack Kern, managing director, Kern Investment Research LLC.
The changes have been occurring even as we speak, and apartment companies have certainly already been laying the groundwork to receive the new customers. Echo Boomers, Baby Boomers, immigrants, single households, older renters are all cohorts that will be the customers of apartments. Larger apartments, smaller apartments, a greater emphasis on downtown living, are all a part of the mix.
The demographic profile of the U.S. has been undergoing massive transformation within a mere 50 years, and the apartment industry has been feeling at the least the trickle-down effects. As the latest data from the census bureau indicates, the U.S. population has hit 308.7 million, an almost 10 percent increase from 281.4 million in 2000. The population is inexorable marching towards a projected half a billion by 2040. The majority of babies born in the country are now members of minorities.
Read more...The Effects of Demographics on the Apartment Industry
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