For Multifamily Developers, Where Millennials Will Raise Families is the Billion-Dollar Question
Oct 10, 2016 |
Earlier this year, Millennials surpassed Baby Boomers as the nation’s largest living generation with 75.4 million people in the US between 18-34. Young people today like to rent apartments in urban, amenitized, transit-oriented areas. But the billion-dollar question for multifamily developers is: What will Millennials do tomorrow? That will be a major topic of conversation at Bisnow’s Multifamily Annual Conference on Oct. 20.
While DC is undergoing a multifamily supply boom, Toll Brothers Apartment Living managing director Charles Elliot says there still haven’t been enough two- and three-bedroom units delivered to meet a growing demand of young families looking to stay in urban apartments.
Charles, who will speak at BMAC, cites Toll Brothers’ Parc Riverside—a 287-unit apartment building in Washington, DC’s Capitol Riverfront neighborhood that will have 600 units after Phase 2 is completed—as a place where he is seeing increasing demand for larger units by young people starting families.