The Millennial Generation, also known as Echo Boomers or Generation Y, is roughly defined as people born between the early 1980s and early 2000s. As members of this generation start to make up a bigger portion of the workforce, and eventually become a bigger force in politics, a number of changes are bound to take place. In addition to preferring urban living in greater numbers than Baby Boomers and Generation X, Millennials also have different preferences when it comes to media, technology, shopping, transportation, and politics. More from Urban Land Magazine:
Over the last two to three years, echo boomers have been fueling the demand for rental housing in urbanized areas. Since 2009, there has been a steady increase in multifamily construction, climbing from 109,000 units in 2009 to 245,000 units in 2012, according to the U.S. Census Bureau. The new multifamily rentals are not limited to coastal cities. For example, from January to September 2012, Houston’s multifamily housing development rate increased 70 percent over the same period in 2011.
Demand for rental units has increased most dramatically in tech centers such as San Francisco and the Silicon Valley area; Austin, Texas; Denver; Boston; and New York City. But even without the tech industry serving as a catalyst, the sheer size of the echo boom demographic has fueled demand for apartments—particularly those located in high-amenity cities and suburban agglomerations.