As millennials age towards having children, while the generationcontinues to delay home buying, family-friendly rental units willbecome more important in the future, according to anew study on family renter housing by the Urban LandInstitute, Terwilliger Center for Housing and RCLCO.
To date, millennials and baby boomers have largely evened outdemand in the rental market, with young millennials andaging baby boomers driving most population growth—which is whyrental development has focused on singles and couples as opposed tofamily units, the report said.
However, in the next 10-plus years, this is expected to changeas more millennials grow their families at a faster rate than babyboomers transition out of parenthood, meaning families will likelydrive more rental demand in the national housing market than theyhave in years past.
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Samantha Stokes
Samantha Stokes, based in New York, is a staff reporter at American Lawyer covering the business of law. You can reach her at [email protected] or on Twitter: @stokessamanthaj.
