Boomers Jostle Millennials for MF Dominance
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Boomers never stopped renting, writes Rappaport at the Kansas City Fed.
KANSAS CITY, MO—The millennial generation has been generally regarded as the cohort in the driver’s seat when it comes to present and future multifamily demand. However, reports from the Kansas City Federal Reserve and others suggest that baby boomers and their requirements will hold at least as much sway as today’s twenty- and thirty-somethings.
While demand from renters born between 1980 and 2000 has recovered to levels last seen prior to the downturn, the report from Kansas City Fed senior economist Jordan Rappaport finds that older Americans are “increasingly downsizing” to apartments. This switch generally begins at around age 70 and becomes more common by age 75, Rappaport writes. The oldest of the baby boomers, the generation born between 1946 and 1964, will turn 70 in 2016…
