Millennials (20 to 35-year-olds) are heading to apartments in droves, not only for the value they offer but also because the apartment lifestyle matches their personalities. This massive group of approximately 77 million consumers is important in part because of its incredible buying power. The only demographic group closest in size is the Baby Boomer population.
Many of these children of Baby Boomers grew up in single-parent households and, as such, had more responsibility than any generation before them. This led to not only a greater sense of value, but also a greater sense of their own self-worth and independence. Some millennials are still in college or have just graduated. They are not interested in buying a home; instead, they are seeking apartments that offer them the convenience, value, and lifestyle they want. Read the rest of this entry »