Better Landlording

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October 6, 2015

Millennials Renting in the Suburbs

by Sara | Share this article

Millennials Renting in the Suburbs

Despite popular belief, the suburbs are growing, and a big part of that growth is coming from Millennials.

One reason is that the urban core neighborhoods have become such a hot commodity that rental rates have exploded and developable land is scarce. So "new urbanism" is moving out to the suburbs.

The suburbs continue to flourish in the apartment business. The numbers show that suburban properties comprise much of the existing stock in many metros, and new projects are popping up faster than in downtown areas and near-downtown neighborhoods across the country. For example, eight of the top 10 busiest sub-markets for apartment construction during the current cycle are largely in the ‘burbs.

The lure for Millennials is lower rents and with an urban feel that includes close-by connectivity to the city’s core. Younger renters being priced out of city centers or having to share apartments to make ends meet. The inner ring suburb mimicking the urban core is trending throughout the U.S. With jobs in suburban markets luring millennials farther out, mini urban areas where millennials can work and play and still be connected to the core via public transportation are becoming more and more desirable to this demographic of renters.

The urban core’s loss, in that respect, is the gain of the suburban markets. Make sure that you're attracting Millennial renters.

Read: "How to Attract Millennials to Your Rental Properties"

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