The American dream has always been to own a big home on a sprawling lot out in the suburbs. However, that dream appears to be drastically changing. The recession, foreclosure crisis and ever-increasing gas prices have slowed demand for housing in many of the nation’s fringe suburbs. Simultaneously, demographic trends are starting to push aging baby boomers, looking to downsize from big, suburban homes, while young Generation Y-ers are also looking to cities as they pursue hip, cool lifestyles.

This is all good news for apartment owners and developers building in urban cores and inner-ring suburbs. The National Multi Housing Council reports that the US is on the cusp of a “fundamental change in its housing dynamics.” Changing demographics and the housing crash have shifted more people away from buying suburban homes and created increasing rental demand, particularly in urban core and inner-ring markets. Many of tomorrow’s households, the Washington, DC-based organization says, are looking for more choices and are drawn to the attractive amenities like nearby retail, restaurants, entertainment and mass transit that come with urban living.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.