SAN FRANCISCO, CA ? JUNE 15: A large ?rent? banner is posted on the side of an apartment building on June 15, 2012 in San Francisco, California. According to a report by Harvard University?s Joint Center for Housing Studies, the tepid real estate market could see a turnaround with the price of rental properties surging and vacancies dropping from 10.6 percent in 2009 to 9.5 percent last year, the lowest level since 2002. (Image credit: Getty Images via @daylife)
By Jerry Ascierto, Apartment Finance Today
The apartment industry certainly has demographics on its side.
Gen Y, already a larger generation than the Baby Boomers, is starting to enter the rental pool in big numbers, and will likely stay longer than other generations. And Baby Boomers will soon create a senior citizen population unprecedented in size.
Over the next decade, the total number of renters is expected to rise by at least 3.8 million even under a low-immigration scenario, and by 5 million under a high immigration scenario, according to the Joint Center for Housing Studies of Harvard University.
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But there are numbers, and then there are behaviors. Many believe that Gen Y isn?t interested in homeownership, that Baby Boomers will flock to independent living facilities, and that immigrants will continue to bolster city centers.
But that may not be the case: Some recent surveys and trends are turning those commonly held demographic beliefs on their ear.
Continue reading the entire Apartment Finance Today article:?Three Demographic Trends?
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