Trend Watch: Single Family Rentals
In a recent article printed in Triad Business Journal, the National Association of Realtors reports that millennials now make up 43% of the housing market, and that especially those over 30 are aiming for homes in the suburbs and small towns.
Although it was once predicted that the millennial generation would be largely renters, the report finds not only are the numbers in the housing market growing, but most are seeking similar things in a home as the generations before. However, in the wake of slower new home construction or lack or lack of affordaable inventory in their desired locations millennials are opting for renting - in a single family homes or townhouses.
In addition to lack of inventory, experts point to emerging trends in household arrangements - such as living with family members or roommates, or living alone, are also driving the shift toward renting smaller single family homes.
One might pose the question: how can the multifamily industry attract and meet the needs and desires of childless couples, one-parent households, or multigenerational families in the suburban areas they are seeking out?
More food for thought in the full article here