Over the last ten or more years the ‘traditional household’ as we’ve known it for decades has been changing. These changes have led to increased demand for apartment units across the country.
Households without children, single people, unmarried couples and single-parent households have changed how people live, where they want to live, what they are willing to pay and so forth. As more and more people delay or reject getting married or having children, for them renting is often the preferred arrangement.
Also, millennials tend to prefer renting over buying a property, in part due to the freedom and flexibility to pursue lifestyle changes and employment opportunities whenever they arise. As millennials begin to to outnumber baby boomers, they will become a key driver for new demand for rentals.