The New Rentonomics
The September issue of Units Magazine has an interesting article about understanding the emerging trends that will affect the apartment industry in the near future. Based on a panel presentation at the 2019 Apartmentalize conference, the article looks at ” who the new renter is, how amenities need to change to meet new renter demand, government involvement and their predictions for the future of renting.” Here’s an excerpt:
“The multifamily housing industry is more dynamic and more diverse than ever before,” said Igor Popov, Ph.D., Chief Economist for Apartment List. “Seniors are entering at 40 percent and high-income renters have been growing at almost 50 percent.”
Adding to that dynamic is that renting no longer carries a negative stigma, says Jennifer Staciokas, Senior Vice President of Marketing, Training and Pricing for Pinnacle. Citing a New York Times article, Millennials like that they rent. It is becoming the option of choice, she said...
Choice and mobility were common themes throughout the conversation with much of the discussion evaluating how the subscription economy plays into both.
“It’s sexy to not own anything and not be tied down to anything,” Staciokas said. “This new generation saw their families lose their housing and clothing. They want it and enjoy it but they don’t want to have to buy it.”
You can read the full article here.