These locations have enabled younger renters to retain easy access to restaurants, shopping, culture and community in central urban areas while gaining lower prices, more space and an easy commute. In the past few years, an increasing number of baby boomers have joined this migration, according to Kutas.

Baby Boomers seek access to cultural destinations such as museums, performances, restaurants and community, as well as easier access to transportation. They want to eliminate the burdens associated with owning a home, such as mowing the lawn or dealing with repairs. Boomers are often looking for apartment building amenities, such as the ease of an elevator and single-floor living, he added.

"Within the next decade, some 18 million Americans will be in their 80s, many living alone and on limited incomes, dramatically increasing the need for accessible, affordable housing," Kutas said. "Transportation options are critical to this market, and properties that provide access to trains, subways, buses, ferries or other affordable, convenient mass-transit options will continue to increase in value."

Noted in a recent GlobeSt.com article, because of the preference for affordable urban and suburban living options, primary markets like New York and Chicago are not the main draw anymore. Secondary and tertiary markets have become more driven toward urban living over the past several years, seeing fast growth. From 2010 to 2015, the urban population growth rate went up 21%, wherein previous years the norm had been 10%, according to data from a recent C&W report.