Here’s an interesting twist – many millennials prefer living in apartments or condos close to town rather than the traditional house in the suburbs, while at the same time, more and more Baby Boomers nearing retirement are selling their large houses, in which they raised their families, to downsize to those same apartments and condos.
We now have two decidedly different demographics competing for a limited number of apartments and condos. A young Millennial may be competing with their grandparents for the same types of housing.
This article from the Washington Post, Millennials’ top competition for condos might be their parents, describes the situation. The article talks more about the trend in construction of luxury apartments rather than discussing them actually competing for the exact same types of apartments. Those upgrades could affect the availability of lower cost apartments, and force millennials to look elsewhere.
The interesting take-away is that more and more people of all ages are looking at the value in multi-family housing, such as apartments and condos.