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

This is all good news for apartment owners and developersbuilding in urban cores and inner-ring suburbs. The National MultiHousing Council reports that the US is on the cusp of a“fundamental change in its housing dynamics.” Changing demographicsand the housing crash have shifted more people away from buyingsuburban homes and created increasing rental demand, particularlyin urban core and inner-ring markets. Many of tomorrow’shouseholds, the Washington, DC-based organization says, are lookingfor more choices and are drawn to the attractive amenities likenearby retail, restaurants, entertainment and mass transit thatcome with urban living.

According to NHMC, up to half of all households created in thenext decade could be renters, meaning upwards of seven million newrenter households. “There’s a noticeable shift toward an urbanlifestyle,” says John McIlwain, senior resident fellow at UrbanLand Institute who holds the ULI/J. Ronald Terwilliger chair forhousing.”