Renting has reached an all-time high.  With a population of 39 million, 1-in-8 US residents are living in an apartment.  The U.S. is undergoing a fundamental change in housing dynamics as people are eschewing the typical suburban house for rental housing.   

With a growing population of  75 million echo-boomers (young adults ages 18 to 34) an age group likely to rent has now become the largest generational demographic group in the U.S. The sheer number of echo boomers combined with long/short term social trends has a profound impact on apartment demand. Couples are marrying approximately five year later than they did in 1980. Echo boomers homeownership rate is lower, with 35% percent owners compared to 41% percent of young adults in 1981(U.S. Census Bureau).  Although the economy has been in a period of expansion, high unemployment rates from the past 10 years, are just now trickling down to young adults. Echo Boomers are also experiencing the growing burden of student debt which hinders the ability to purchase homes.

As housing dynamics change renting has began to appeal to another generation.  Once the nation’s largest demographic group, baby- boomers (those born between 1946 and 1964) are choosing to rent.  Between 2006-2016, 58% of the increase in renter households were baby boomers.