Prime-Age Renters Are Heading to These Cities
Being near a college town certainly helps, according to RealPage.
People aged 20 to 34 are flocking to cities in the Southeast, making the region, among other things, an ideal market for apartments, according to recent migration trends.
From 2021 to 2022 that age group increased by 700,000 residents – or about 1%. However RealPage found that the spike was greater in several prime apartment markets.
Lakeland, a small inland Florida market, grew its young adult population by 5.5% from 2021 to 2022, reported RealPage analyst Julia Bunch, accounting for 7,500 more residents.
Provo-Orem, Utah, added over 9,500 young adults, translating to a growth rate of 5.4% year-over-year.
Boise, City, Idaho; and Cape Coral-Fort Myers, Fla.; grew their young adult population by about 4% each from 2021 to 2022.
Fayetteville-Springdale-Rogers, Ark.; Huntsville, Ala.; and McAllen/Brownsville, Texas; all grew their 20-34-year-old population by about 3.5% year-over-year.
Being home to major state universities was a common trait for many of these towns with Bunch suggesting that should keep those markets rich in renter prospects.