The Bozzuto Group's Tom Bozzuto

Baby Boomers and Gen-Yers are responsible for influencing some of the greatest trends in development the multifamily industry has seen in years. With 78 million Boomers born between 1946 and 1964, it’s not surprising that this generation’s influence carries weight. What is surprising are the sharp similarities in multifamily housing preferences that they share, for all intents and purposes, with their Gen-Y children–the cohort born between 1977 and 1994, also known as Echo Boomers. Considering that Boomers represent almost 26% of all renters today and Gen-Yers make up 29%, these two demographic groups combined are making their power felt, thus shaking up the fundamentals of multifamily development from location to product type to marketing.

It has long been recognized that the younger generations are opting for an urban lifestyle, a reversal of the “suburban flight” of the past. They want the exciting, convenient and amenity-rich lifestyle of city living. They want to be able to walk to restaurants, bars, shopping and work as well as easy access to public transportation.

But what’s interesting for developers is that we’re seeing many in the huge baby boom generation have the same lifestyle preferences. Their kids are growing up and abandoning the nest, giving them the freedom to pursue locations they wouldn’t have considered before.