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Seattle skyline Berkadia’s Sorensen says developers in his home base of Seattle are innovating to attract Millennial renters.

SEATTLE—Now the most populous generation in US history, Millennials are also narrowing the gap in spending power between themselves and Baby Boomers. The 25- to 34-year-old age group in particular has brought its employment rate to a level in line with the overall population, and the jobs they’re taking frequently start in the six-figure range.

Given that Millennials have shown a decided preference for renting, at least for the foreseeable future, it stands to reason that they’re influencing development trends in new multifamily construction. Although walkability remains the key consideration in choosing an apartment, Millennials’ priorities when it comes to amenities also play a big part, David Sorensen, associate director in Berkadia’s Seattle office, tells GlobeSt.com.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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