The American dream has always been to own a big home on a sprawling lot out in the suburbs. However, that dream appears to be drastically changing. The recession, foreclosure crisis and ever-increasing gas prices have slowed demand for housing in many of the nation’s fringe suburbs. Simultaneously, demographic trends are starting to push aging baby boomers, looking to downsize from big, suburban homes, while young Generation Y-ers are also looking to cities as they pursue hip, cool lifestyles.
This is all good news for apartment owners and developers building in urban cores and inner-ring suburbs. The National Multi Housing Council reports that the US is on the cusp of a “fundamental change in its housing dynamics.” Changing demographics and the housing crash have shifted more people away from buying suburban homes and created increasing rental demand, particularly in urban core and inner-ring markets. Many of tomorrow’s households, the Washington, DC-based organization says, are looking for more choices and are drawn to the attractive amenities like nearby retail, restaurants, entertainment and mass transit that come with urban living.
According to NHMC, up to half of all households created in the next decade could be renters, meaning upwards of seven million new renter households. “There’s a noticeable shift toward an urban lifestyle,” says John McIlwain, senior resident fellow at Urban Land Institute who holds the ULI/J. Ronald Terwilliger chair for housing.”
Read more...GlobeSt.com - Multifamily Quarterly: Urban Invasion - Daily News Article
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