Wouldn't it be convenient if someone had clear, intelligent answers to most of your CRE-related questions? Problem solved. Nina J. Gruen, a.k.a. Ms. Real Estate, a.k.a. the principal sociologist overseeing market research and analysis at Gruen Gruen + Associates, is here to answer readers' questions. Have a question for Ms. Real Estate? Ask anonymously by clicking here. Dear Ms. Real Estate, —Bridging the Difference in the MF Generation Gap.
Dear Bridging the Gap, You are correct future demand for new multifamily mid and high rise condos and rentals will be dependent upon the growth of these two demographics. The Millennial and Boomer generations together will account for approximately 160 million of the total US population in 2020, with the Millennials making up about 54% of the total. But by 2030, the two together are forecast to account for approximately 156 million with Millennials accounting for 60% of this total. This increase is due to immigration. By 2030, the oldest Boomers will be in their 80's so that this generation will decrease in size. However, bear in mind that the majority of both demographics will not have the income to either purchase or rent new multifamily mid and high rise housing. Both age groups have a strong preference for moving to locations with a high level of amenities and services within an easy walking distance, as well as to have reasonably close access to public transit. At least 50 percent of both generations prefer to rent over owning, but for vastly different reasons. The Millennials, currently age 19-35, who can afford to live in a new mid or high rise multifamily unit want to maximize their mobility to provide the freedom to go where the next best job offer is located. The Boomers (age 51-69) desire a high level of responsibility-free maintenance. Boomers are, of course, far more concerned with accessibility issues, though there are also Millennials who have mobility restrictions. Accessibility can be addressed by the appropriate design – no internal steps, at least one walk-in shower per unit, sufficiently wide hallways and doors to handle wheelchairs if and when needed, as well as sufficient cabinets in both the kitchen and bath that can be readily reached. While larger size units are typically located on the higher floors, do not assume they will be primarily purchased by Boomers and the lower floor, smaller-sized units by Millennials. Many Boomers purchase a moderate sized unit to be used as a pied-a-terre, while two-person Millennial households, when both have high paying tech or professional jobs, often prefer and can afford to rent or buy a larger sized view unit on a higher floor. Wouldn't it be convenient if someone had clear, intelligent answers to most of your CRE-related questions? Problem solved. Nina J. Gruen, a.k.a. Ms. Real Estate, a.k.a. the principal sociologist overseeing market research and analysis at Gruen Gruen + Associates, is here to answer readers' questions. Have a question for Ms. Real Estate? Ask anonymously by clicking here. Dear Ms. Real Estate, —Bridging the Difference in the MF Generation Gap.
Dear Bridging the Gap, You are correct future demand for new multifamily mid and high rise condos and rentals will be dependent upon the growth of these two demographics. The Millennial and Boomer generations together will account for approximately 160 million of the total US population in 2020, with the Millennials making up about 54% of the total. But by 2030, the two together are forecast to account for approximately 156 million with Millennials accounting for 60% of this total. This increase is due to immigration. By 2030, the oldest Boomers will be in their 80's so that this generation will decrease in size. However, bear in mind that the majority of both demographics will not have the income to either purchase or rent new multifamily mid and high rise housing. Both age groups have a strong preference for moving to locations with a high level of amenities and services within an easy walking distance, as well as to have reasonably close access to public transit. At least 50 percent of both generations prefer to rent over owning, but for vastly different reasons. The Millennials, currently age 19-35, who can afford to live in a new mid or high rise multifamily unit want to maximize their mobility to provide the freedom to go where the next best job offer is located. The Boomers (age 51-69) desire a high level of responsibility-free maintenance. Boomers are, of course, far more concerned with accessibility issues, though there are also Millennials who have mobility restrictions. Accessibility can be addressed by the appropriate design – no internal steps, at least one walk-in shower per unit, sufficiently wide hallways and doors to handle wheelchairs if and when needed, as well as sufficient cabinets in both the kitchen and bath that can be readily reached. While larger size units are typically located on the higher floors, do not assume they will be primarily purchased by Boomers and the lower floor, smaller-sized units by Millennials. Many Boomers purchase a moderate sized unit to be used as a pied-a-terre, while two-person Millennial households, when both have high paying tech or professional jobs, often prefer and can afford to rent or buy a larger sized view unit on a higher floor.Want to continue reading?
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Nina J. Gruen
Nina J.Gruen has been the Principal Sociologist in charge of market research and analysis at Gruen Gruen + Associates (GG+A) since co-founding the firm in 1970. Ms. Gruen applies the analytical techniques of the social sciences to estimating the demand for real estate and to understanding the culture of the groups who determine the success of development, planning, and public policy decisions. She is a pioneer in synthesizing the results of behavioral research with quantitative time-series data to forecast market reactions. Market and community attitude evaluations and programming studies led by Nina Gruen have resulted in the development and redevelopment of many retail, office, industrial, visitor, and residential projects, varying in scale from a single building to large single- and mixed-use projects.
