June 24th, 2020
The shift in living trends throughout the Southeastern United States has developers and architects updating multifamily housing and senior communities.
Millennials are moving out of their parents’ houses
The trend of living with the parent peaked in 2016, and now Millennials are moving out, often to multifamily developments. This is good news for operators as homeownership increases, creating vacancy. A strong economy will keep the Millennials in amenity-rich apartment communities. Will they move back in with their parents if the market takes a downturn? They might not be able to, and here’s why:
Baby Boomers are downsizing
Baby boomers are selling their homes, relocating from suburban family-friendly neighborhoods to urban developments, and embracing density and city life. As renters, this group expects their multifamily communities to address wellness and zen-like opportunities for personal development. NMHC thinks baby boomers will demand 4.6 million new apartments by 2030. They will want enough space to entertain because…
Millennials are having Babies
Baby boomers–and yes, even some in Generation X–are becoming grandparents as their Millennial kids are starting families of their own. So while Millennials are moving out of their parents’ houses and into multifamily developments, the developments that they want are in secondary and suburban communities where they can afford larger, more affordable space. This means they’ll be looking for mixed-use suburban locations with a bit of urbanism, as well as transit-oriented developments so they can get to work in urban commercial centers. Speaking of jobs…
Affordability challenges persist
Multifamily developments are being pushed to urban centers where larger complexes make more financial sense.
Sustainability leaders are welcoming a new age of humanism
Messaging will transition from a focus on environmental impact, which has not motivated commercial markets to mitigate climate change, to a more human-centered narrative, with stories of impacted people and businesses, along with success stories of healthier, happier people in sustainable communities. This shift should inspire a new generation of sustainability leaders to develop ecologically restorative cities.