LOS ANGELES—Millennial renting is clearly driving the multifamily market, but is this phenomenon a consequence of the recent economic downturn, or is it the result of a cultural shift? According to Bradley Cribbins, the chief operating officer at Alliance Residential, the answer is both and depends a lot on the income level and geographic market of the millennials in question.
At the recent RealShare Apartments conference, Cribbins stopped by for an exclusive video interview to discuss the dynamic. In the video, he covers the segments within the millennial demographic, how those different segments affect development and why millennials have erased the rental stigma.
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