Brooklyn Bridge.Shutterstock.

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Younger generations are less focused on homeownership as theflock to rent in urban centers.  Data shows that more andmore, upwardly mobile Millenials are choosing to rent and invest ingrowing their assets in other financial sectors instead, CraigWood, CEO of real estate development firm Cape Advisors, tellsGlobeSt.com.

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According to a recent ApartmentList Survey, an estimated 12percent of millennial renters plan to "always rent," which is morethan the 10.7 percent who took the survey in the past. The surveydata was collected from more than 10,000 millennial renters in theUnited States. 

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With talk about a downturn on the horizon, investors remainconfident in their multifamily projects that have seen stridentdemand from Millenials who prefer to live in urban and walkablemarkets. This trend has been one that Cape Advisors intends tocontinue to capitalize on with its upcoming New York Cityprojects.

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"Having been in business since1995, we have been through several market cycles and always factorthis into our planning process when we launch a new project," Woodsaid. "The current projects that we have been focusing on –Greenwich West and 30 Warren for example – are both priced well,in-sync with our very unique offerings, and we are seeing themarket respond to that."

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Cape Advisors is developing a newrental development in Astoria, Queens at 30-77 Vernon Boulevard, oneof the largest new rental developments under construction in thesubmarket that is set to feature a total of 500 apartmentunits.

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"Moving into the rental market inAstoria, which is an already in-demand neighborhood, allows us tobring the Cape Advisors level of development to the growingrenter-by-choice population that we hadn't been speaking tobefore," Wood said.

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.