Significant shifts in living habits are occurring for each generation — several trends in commercial real estate, including multifamily residential markets. There are a few trends that will impact real estate projects in 2019 and beyond.
Millennials are moving out of their parents' houses and are moving to multifamily developments. It's a good reason because its creating vacancy and homeownership increases. They may not move back in with their parents and here's why:
Baby Boomers are downsizing.
They're selling their homes, relocating from family-friendly suburban neighborhoods to urban developments.
As renters, they expect these multifamily communities to address wellness and zen-like opportunities for personal growth.
Of course, they'll want to have enough space to entertain because Millennials are having babies.
The baby boomers and even some Generation X are becoming grandparents as their kids are starting a family of their own. They'll be looking for mixed-use suburban locations, as well as transit-oriented developments so they can get to work in commercial centers.