Demographic patterns are changing—and not just in certain markets. Both established major metros and emerging secondary markets across the country are seeing new demographic patterns, including changes in inward and outward migration, population growth and the growth of new demographic groups. The changes in demographics trends are important for developers and investors to follow, and they could also mean big opportunities for those paying attention.

To better understand these changes, we sat down with Dan Spinogatti, the SVP of national sales and marketing for real estate at EBI Consulting. Spinogatti listed the cultural inclination to dense, walkable cities; the rise of urbanization and housing affordability all as drivers of demographic changes. This includes new migration trends, like hipsturbia, a phenomenon where millennials are moving back to the suburbs or smaller markets, and the advent of new asset classes, like co-living spaces, a well-managed shared living space.