LIVINGSTON, NJ—Empty-nesters and millennialshave more in common regarding their tastes in rental properties,but at the same time, investors are getting very specific about thekinds of assets they want to buy, according to panelists atCapRate's fifth annual New Jersey ApartmentSummit, held Tuesday at the Eisenhower ConferenceCenter in Livingston, NJ.

“In the growing urban markets you're seeing a huge influx ofyoung professionals, and depending upon the urban market, you'reseeing that empty nester,” says Debra Tantleff,founding principal, TANTUM Realty, during thepanel on growth in for-rent apartments. “In the suburban markets,there's this general flight to create an 'urban light' environment.The younger population and the older population are fundamentallyseeking the same kind of asset and the same type of livingexperience.”

“It's really a barbell approach,” says JamesDriscoll, senior vice president, LCOR.“We have the young millennial renter, the millennial plus, theyounger couple, and we have the move-down renter as well. To theextent that we don't have the job creation, it's going to be verydifficult for the move-down renter to remain in that town that'sfurther out.”

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].