The latest data from the U.S. Census Bureau shows that the number of people between the ages of 20 and 34 dropped by about 587,000 between 2022 and 2023. According to a RealPage analysis, this could have significant implications for the multifamily sector, as this age cohort is a key demographic in apartment-renter households.
The analysis said the decrease amounted to a year-over-year decline of 0.9%, below the 1% increase from 2021 to 2022. However, in several of the nation’s largest markets, the population of young adults grew by 1.5% or more.
RealPage found that Lakeland, Florida, has the fastest-growing population of renter-age people. Of the market's total 761,000 people, 147,000 were between the ages of 20 and 34 in 2023, compared with 143,000 in 2022. That represents a growth rate of 3.1%.
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The population of young adults grew 2.4% in Provo, Utah, between 2022 and 2023, placing it second on the list. Huntsville, Alabama, came in third with a young adult population growth of 2.1%.
The next five markets experienced growth between 1.5% and 1.9% between 2022 and 2023. These include Boise City, Idaho, with 1.9%; North Port, Florida, with 1.8%; Greenville, South Carolina, with 1.7%; Austin, Texas, with 1.6%; and Fayetteville, Arkansas, with 1.5%. Austin logged the most absolute growth in young adults among these fastest-growing markets, with an increase of 8,900 residents.
RealPage said all of these markets are home to a university, which has helped them keep a healthy dose of young adults in their renter pool.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
