CHICAGO—The improving jobs market has certainly allowed many experts and developers to feel even more optimistic about the prospects for commercial real estate in 2015. This includes the residential market, but changes are underway in the sector and will shape in the coming years how developers take advantage of the improving conditions.

Experts project, for example, that millennials will make up a third of the country’s adult population by 2020, and residential developers have taken notice. But lingering economic troubles has caused young people to hold off on buying their first home. In fact, according to data from the US Census, the homeownership rate for those 35-and-under dropped to 35.9% in the second quarter of 2014, its lowest level in two decades, and held steady at 36% in the third quarter, meaning this group will drive demand for rental units in 2015.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.