Impact of Gen Z on the Multifamily Housing Industry. Watch out, there’s a new generation defining the future of the multifamily industry. While millennials make up 56 percent of the rental market, Gen Z comprises 74 million people, making it equal in size to millennials and baby boomers. Even though they may be young, they have money to spend. They contribute $44 billion to the U.S. economy and it’s only a matter of time before they head into the rental market.Learn more about Gen Z's Impact
Due to the balance, strength and renter profile of Denver’s apartment market, it has become one of the most active transaction markets in the nation. With the large amount of newly constructed properties in the area, and the highly educated workforce the market attracts, it’s expected that Denver will continue to attract investor interest.
The Salt Lake City market is “slightly hot” at the moment. Median days on the market is 30.5 days and inventory is moving 6 percent faster than last year and 30.5 faster than the U.S overall. In the next 12 months, Salt Lake City’s home prices are expected to continue to increase by 4.8 percent. In addition, the median price for condominiums/town homes is anticipated to increase nearly 10 percent.
Due to the strong employment growth, communities such as Frisco and Richardson have seen a strong household formation. These areas are expected to see a boost in construction efforts this year that will help relieve the relatively tight conditions. Limited apartment availability in South Irving and Northwest Dallas due to the sparse new development should give rent room to grow. This will help support the market wide rent growth throughout the year as Dallas’s average rent has surpassed $1,200/month.