Miami Makes List Of Top 10 Metros With Highest Apartment Occupancy Rates

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Apartment occupancy outlooks are sunny in Florida markets this year, according to a newly released report.

Three metro areas in the Sunshine State have occupancies greater than 95 percent, according to Axiometrics.

Naples, Fla. has 97.5 percent occupancy and leads the country’s top 90 largest metro areas. North Port, Fla. and Miami, Fla. also made the top 10 with 96.4 percent and 95.8 percent, respectively.

The December report, which was released Tuesday by the Dallas-based research firm, notes the national occupancy rate has been above 94 percent since April 2012.

This year is expected to bring more growth to the top performing metro areas, but with less gusto than in 2013, according to the report.

Other notable metro areas with high occupancies include Lansing, Mich. at 97 percent and Santa Rosa, Calif. with 96.9 percent.

Top 10 Metros with Highest Occupancy Rates

1. Naples, Fla. 97.5 percent

2. Lansing, Mich. 97 percent

3. Santa Rosa, Calif. 96.9 percent

4. North Port, Fla. 96.4 percent

5. Providence, R.I. 96.3 percent

6. Nassau, N.Y. 96.3 percent

7. New York City 96.3 percent

8. Minneapolis, Minn. 96 percent

9. Nashville, Tenn. 95.8 percent

10. Miami, Fla. 95.8 percent

 

Source: Multifamily Executive

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Mega-Yacht Marina Sails Ahead

An aging marina on the Miami River is a step closer to being reborn as a haven for mega-yachts, after action last week by the Miami River Commission.

The plan from property owner Homero Meruelo to build a new marina with exclusive enclosed slips for up to 16 mega-yachts floated to quick approval Monday when the commission approved it unanimously.

The high-end project, to be called Miami Mega Yacht Marina, elicited rave reviews from several commission members. A subcommittee of the commission reviewed the site plan Feb. 19 and recommended approval.

Horacio Stuart Aguirre, commission chairman, called the project exciting, interesting and refreshing.

Now, Mr. Meruelo and his team have to work to secure a pile of permits to bring the unique project to fruition. What’s different about this project is that it provides quarters for each yacht captain and crew, with the temporary living quarters looking out over the big boats. “We believe this type of facility does not exist anywhere in the world,” Mr. Meruelo told the commission. He said the planned marina will enhance the river, both aesthetically and economically.

The developer said the project will bring to the Miami River the very sought-after mega-yacht industry, which has gravitated towards Broward and Palm Beach counties.

The site on the south side of the river, at 1583 NW 24th Ave., has been home to a working marina for decades, with some of the structures dating to the 1940s and ’50s. It operates under the name of Brisas del Rio Marina, and is currently licensed for 45 slips.

The project consists of a private marina for 16 mega-yachts approximately 200 feet long. Each slip would be covered and would be provided with covered parking for three vehicles, indoor storage, and quarters for the captain and crew.

Each vessel would also be provided with covered storage for tenders, an owner’s vault for storage of valuables, as well as a flexible space that could house a repair shop, recreational space or additional storage.

Amenities would also include a clubhouse with coffee shop, Internet room, dining area, spa, exercise room, media room and swimming pool. A warehouse/office building would be built for marine-related businesses.

Mr. Meruelo was asked how the new marina would be operated. He said developers have not yet decided whether the slips would be leased to yacht owners or sold on a “condo basis.”

The architectural design was prepared by Antonio Rodriguez-Tellaheche, director of architecture and real estate with HCD Developers based in Doral.

“The existing use is an eyesore,” said Mr. Rodriguez-Tellaheche. “We are very excited about this,” he said, referring to drawings showing the new marina. “We don’t know of a facility like this – anywhere. We believe it’s the beginning of a new era in Miami-Dade County.”

The developer’s team told the commission they have met with the Florida Department of Environmental Protection, Miami-Dade County Department of Environmental Resources Management and the US Army Corps of Engineers, and those agencies were “receptive” to the project.

Susan Engle of Enviro Care, who is working with the developer, said she expects the permitting process to take 8 to 12 months.

The project does call for some dredging of the river, and the removal from the site of some upland soil. They also plan to build a new seawall. They said they will be doing many environmental studies as part of the project, too.

Commission member Sandy Batchelor said the project would add economic dimension to the area and bring new jobs. It would be “a bonus for the city,” she said. “It’s a great project. I’m excited about it. It’s long overdue,” said commission member Richard Durbin. Commission member Phil Everingham called the new marina plan “a breath of fresh air.”

Miami City Commissioner Frank Carollo, also a river commission member, said it is an interesting concept. He said he sees the project as good for the city as a whole, by providing jobs. Mr. Carollo then quizzed the developer on a timetable, noting that others have made promises to the city about building a mega-yacht marina on city-owned land on Watson Island for more than a decade. “It’s going on 12-13 years now and we’re still waiting,” Mr. Carollo said. Mr. Meruelo said he has an extra incentive to see Miami Mega Yacht Marina built. “I own it,” he said of the property. “Fair enough,” Mr. Carollo said.

“We expect completion in the summer of 2015,” said Mr. Meruelo.

 

Source:  Miami Today

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Electric Bill Scam Targets South Florida Homeowners And Businesses

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A scam in which cons call people asking to collect “debt” for the electric bill has moved Miami-Dade police and Florida Power & Light to issue a warning to the public.

Police say there’s been an increase in the scam calls. Similar cases were reported in 2012, said police spokesman Alvaro Zabaleta. “They’ll call you, they’ll identify themselves as FPL employees and try to collect outstanding debt,” Zabaleta said.

The fraudulent callers claim that the victim’s electrical service will be discontinued unless they purchase a prepaid card for amounts ranging from $150 to $500. The scammers then ask for the account and PINs from those cards.

But it’s not only homeowners falling prey to the swindlers. “Lately they’ve been targeting businesses,” Zabaleta said.

Police are reviewing evidence and talking to witnesses, Zabaleta said, but their main focus is to get the word out about the scam. “We want the community to know. Don’t provide any information,” Zabaleta said.

Utility scammers also are hitting Key West customers. Three Key West businesses have reported being targeted by a telephone scam and one, Blossom’s Grocery, is out $1,300.

Keys Energy Services, the Key West-based electric company, is warning customers of a so-called phone spoofing scam. Spokesman Julio Torrado said customers have received phone calls that show up on caller ID as coming from the power company’s main phone number.

“Customers then hear an automated voice alert … to an electrical emergency within their home and the need for a crew to be dispatched,” the utility said. The automated system attempts to capture personal information that can jeopardize the identity of the resident.

Torrado said the Blossom’s incident happened Feb. 15. Faced with what it believed to be a power cutoff threat, store management paid $1,300, although Torrado said he didn’t know with what or to whom.

Miami Subs and Blackfin, a Duval Street restaurant, were also targeted. Miami Subs employee Sean Wright reported the attempted con to Key West Police Officer Thad Calvert on Feb. 11.

Wright said a caller identifying himself as a Keys Energy employee asked for $3,000 to avoid a service interruption and wanted payment by way of six $500 gift cards. Still on the phone with the apparent scammer, Wright called Keys Energy and was alerted to the issue.

If customers are unsure of the authenticity of a call and need to verify its legitimacy, they should hang up and call Keys Energy at 295-1000.

Keys Energy provides service to around 29,000 customers south of the Seven Mile Bridge. It’s overseen by a five-member elected board created in 1965 by the state Legislature.

FPL also urges customers to call the police if they get a suspicious call. Customer can also call the number at the bottom of their FPL bill and report the call to either the Florida Department of Agriculture and Consumer Services (800-435-7352) or the Financial Fraud Enforcement Task Force (stopfraud.gov).

“FPL will never call and ask for credit card info or take prepaid cards as payment. Also, FPL will never ask for any personal information from you unless you initiate the contact,” said FPL spokeswoman Heather Kirkendall.

Customers wary of whether a call or visit is legitimate, should call the utility for verification.

For further information and safety tips visit www.FPL.com/protect.

 

Source: Miami Herald

 

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Will Lease Taxes Soon Be A Thing Of The Past?

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The reduction and elimination of the tax on commercial leases continues to gain considerable support.

The Florida CCIM Chapter and active CCIMs , which represents more than 1,200 commercial real estate industry professionals, join the efforts of a number of industry groups and large associations including the 127,000 member Florida Realtors, the Miami Association of Realtors (more than 31,000 members), NAIOP, ICSC, and SIOR in support of the Governor’s 2014-2015 “It’s Your Money Tax Cut Budget,” which highlighted his commitment to eliminating $500 million in taxes and fees for the upcoming legislative session.

“The Florida CCIM Chapter is happy with Governor Scott’s initiative, as its members represent the leading commercial real estate brokers, lenders, developers and numerous other commercial real estate practitioners.  This proposed sales tax reduction will help to drive more companies to establish or expand their operations in Florida and promote community development and jobs,” commented Florida CCIM Chapter President Peter J. Barnett, CCIM.

Florida is the only state that imposes a state-wide sales tax on commercial leases.

A state tax of six percent (6%) is imposed on the total rent charged under the lease, however the Department of Revenue (DOR) has taken the position that any payment required to be paid as a condition of occupancy under a commercial lease is taxable as rent. This means that in addition to the base rent being taxed, “passed through expenses” including building insurance, common area maintenance, and ad valorem real estate taxes themselves are taxed (double taxed). In addition, individual counties and taxing authorities may impose additional taxes, such as Miami-Dade County, which charges one percent (1%) additional, for a total of seven percent (7%).

Florida Statute §212.031 addresses sales tax on leases and Florida’s DOR interprets the provisions in Fla Administrative Code Rule 12A-1.070.

It is argued that this additional tax places Florida at a competitive disadvantage when attracting new businesses to the state. Opponents contend that the tax forces landlords to charge more for rent than comparable facilities just across state lines. In addition, it increases their record keeping burdens as they become tax collectors for the state.

Governor Rick Scott announced on January 28th that his budget proposes reduction of the tax on commercial leases by one-half of a percentage point for a savings of approximately $104-million the first year. According to all research, the impact of this reduction would be $500-million gain in terms of jobs and economic activity.

Additionally, two bills filed for the 2014 Florida legislative session push for more and would begin a complete phase out of the tax.  SB 176 by Sen. Dorothy Hukill (R-Port Orange), Senate Finance and Tax Chairwoman, and HB 11 by Rep. Greg Steube (R-Bradenton) would lower the rate from 6 percent to 5 percent.

“With the support of the governor, these efforts are gaining considerable traction. Compelling cases have been made that the increased economic activity more than offsets the decreased collections,” said John Dohm, CCIM, SIOR, CFP. 

Dohm, a licensed real estate broker for more than 25 years, tirelessly analyses important issues affecting the commercial industry.

John currently serves on the board of the CCIM Miami District, is past president of the CCIM Broward Chapter and served for several years on the board of the Florida CCIM Chapter.

Dohm also served as President of the Realtors Commercial Alliance of MIAMI in 2012 and is one of fewer than 700 individuals in the world to hold both the CCIM and SIOR (Society of Industrial and Office Realtors) designations and the only one to have also been awarded the CFP (Certified Financial Planner) certification in addition to all major securities licenses.

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A CCIM (Certified Commercial Investment Member) is a recognized expert in the commercial and investment real estate industry. The CCIM lapel pin is earned after successfully completing a designation process that ensures CCIMs are proficient not only in theory, but also in practice. This elite corps of CCIMs includes brokers, leasing professionals, investment counselors, asset managers, appraisers, corporate real estate executives, property managers, developers, institutional investors, commercial lenders, attorneys, bankers, and other allied professionals. The mission of the Florida CCIM Chapter is to provide the highest quality of marketing and networking opportunities, services, and education that will enhance our members’ ability to conduct business successfully. For more information, please visit http://flccim.com/ or contact Florida CCIM Chapter President Peter J. Barnett, CCIM at 813.351.2791.

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Miami River Development Project Hits The Market

Marcus & Millichap Real Estate Investment Services has received the exclusive listing for a 44,572 square foot block of land and a 31,294 square foot marina with 36 slips fronting the Miami River in Miami.

The impressive development opportunity is priced at $7 million.

Ryan Shaw and Scott Sandelin, Senior Associates in Marcus & Millichap’s Miami office, are representing the seller, a limited liability company from Miami.

The investment opportunity consists of multiple land parcels and marina totaling approximately 75,866 square feet along the Miami River. The property is separated by NW 22nd Avenue with the residential development on the west side and the marina to the east. The land allows for up to 362,000 buildable square feet under Miami21 zoning of T6-8-O which should fit a minimum of 105 units over eight floors.

“This is an excellent opportunity for a developer to acquire a site on the Miami River with an adjacent marina.  The Miami River and its surrounding neighborhoods have become magnets for all kinds of energy and activity over the last couple of years. Private sector developments along the Miami River are at an all-time high. The addition of new restaurants, retail, and apartments further west on the river make this an excellent opportunity to capture the future of what the Miami River has to offer,” says Shaw.

The land parcels are located at 2190 NW North River Drive in Miami.

 

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What Americans Want In Apartments

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As you determine ways to make your apartment complex more appealing to tenants, you should pay attention to the latest trends when it comes to outdoor spaces.

More specifically, take note of what the American Society of Landscape Architects found when they conducted their Residential Landscape Architecture Trends survey for 2013. Then consider using these findings to your advantage as you work to improve your property.

Opportunities to Cook and Entertain Outdoors Top the List
A whopping 96% of Americans surveyed said they wanted grills outside. This was closely followed by complete outdoor living spaces, including outdoor kitchens and areas to entertain guests. If your apartment complex does not yet have a built-in barbecue area, or grills at the very least, you might be missing out on tenants who value livable outdoor spaces.

Seating is equally important according to the survey results, so make sure you have tables, chairs, or even basic picnic tables set up around the apartment complex. Installing some fire pits or outdoor fireplaces may also be the key to satisfying your tenants, according to 97% of the survey respondents.

Sustainability Matters When It Comes to Apartment Landscaping
More people care about sustainable outdoor spaces than you might have thought, and that includes landscaping. In fact, about 94% of people surveyed said they liked low-maintenance landscapes. Of course, in an apartment complex, the amount of maintenance might not directly affect the tenants, but it may affect your landscaping bill. Choosing plants that are native to the area can reduce the amount of work required to keep them healthy, and this move would please 87% of the survey respondents, too.

Nearly as many people also like the idea of having gardens that grow fruits and vegetables. In fact, more apartment landscaping plans these days are featuring gardens as a major part of their sustainable outdoor spaces. You can offer one or even a few courtyard gardens, or even window boxes for tenants to grow their own food. Either way, this apartment landscaping can improve the quality of life in your complex. It often even increases the length of each tenant’s stay, since many people grow quite attached to their gardens after putting in hours of work to grow food.

Lighting and Installed Seating Are Also on the Minds of Many Tenants
About 95% of those surveyed claimed lighting was important to them in an outdoor space. After all, this makes it possible for tenants to cook dinner outside as the sun goes down or even simply feel safer taking walks at night. Considering how much people now value sustainable outdoor spaces, you should be sure to use energy-efficient or even solar lighting with timers and sensors to help keep light pollution to a minimum.

Another common desire for outdoor space is the presence of installed seating. This ranges from simple ledges and boulders to installed benches. You can install what you think would look best in your apartment complex, again paying attention to sustainability by using eco-friendly materials that can stand up to your city’s climate for years.

Outdoor Recreation Amenities Are Appreciated in Modern Apartments
You might be surprised to find that outdoor recreation amenities, such as pools and tennis courts, garnered only 76% of the vote in this survey. In fact, more people – about 82% – thought having weatherized chairs outside was more important. That means the ability to cook outside and sit comfortably, perhaps in front of a fire pit, is more important to many Americans than access to a pool.

Of course, many apartment complexes are still expected to have such fun amenities, especially in warmer areas. However, apparently you should focus on getting grills and seating set up first if your apartment landscaping is missing these features. After all, sustainable outdoor spaces are of great importance to many tenants.

 

Source: Green Property Management

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Survey: Nation’s Mayors To Increase Investment In Energy Efficiency

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U.S. mayors are expecting to significantly increase investment in energy technologies over the next five years, according to a new survey of nearly 300 cities.

The survey, Energy Efficiency and Technologies in America’s Cities, indicates that mayors plan to make energy-efficient lighting technology, LEDs as the primary example, a top priority over the next two years.  LED and energy-efficient lighting was also overwhelmingly rated as the “most promising” technology for reducing city energy use and carbon emissions, according to 82% respondents.

In addition to lighting, retrofitting public buildings also ranked as a top priority in improving the energy efficiency of city infrastructure. Significantly, mayors expect to use their own local resources, followed by partnerships with the private sector, as the sources of financing these technologies. And in terms of the actual deployment of new technologies, survey findings reveal that more than seven in ten mayors believe their local utilities are now their city’s most important partner in doing so.

The full list of technologies that are receiving top priority are:

  1. LED/energy-efficient lighting: 29%
  2. Solar PV systems: 19%
  3. Building retrofits: 18%
  4. Renewable energy: 8%
  5. CNG fueling: 7%
  6. EV charging stations/hybrid vehicles: 5%
  7. Low-energy buildings: 4%
  8. Smart grid: 3%

Of note, survey results also indicate that because of recent weather events and associated power outages, three in four cities have developed plans to keep vital city services operating during sustained outages, and within three years, nearly 90% of all cities surveyed expect to have such plans in place.

The survey was conducted by the United States Conference of Mayors in conjunction with Philips. The full report can be found at usmayors.org.

 

Source:  Buildings

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Apartment Amenities: Understanding What Gen Y Wants

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The multifamily industry spends considerable time and money targeting Gen Y renters through property management, apartment development, and marketing.

And when 72% of people under 30 years old live in rental housing, its easy to understand why.

But do multifamily professionals really know what Generation Y wants when it comes to their apartment home? And do the 20-somethings employed within the industry think we actually understand them?

Here’s an idea: let’s ask them.

At the 2013 Crittenden Multifamily conference in Dallas last March, Property Management Insider contributor, and resident Millennial, Jay Parsons moderated a panel discussion with Generation Y multifamily professionals to debunk some myths about this particular generation of renters.

When the topic of discussion turned to apartment amenities, Parsons asked the panelist their verdicts on development trends and amenities that are typically targeted at them and whether they are truly essential or overrated.

Green Features are a Given with Gen Y

This one needs some clarification: green features as amenities are overrated, but that’s because Millennials expect your property to have them. Meaning, Green is not a feature, but part of the base package. So rather than trying to sell Millennials on green features, explain HOW your property is green and the cost savings.

But don’t oversell the cost savings because this could be someone’s first apartment and they won’t have a baseline for cost comparisons. Rather than trying to sell renters and what THEY can save, brag about how much YOU saved with green. Market your community and philosophy, not the unit. And for the record, each panelist said they would NOT pay more rent because an apartment is green.

Verdict: Overrated as an amenity, essential for an apartment community.

Dog Parks are the PreferenceImage of dogs playing in a dog park

Dogs, and pets in general, are the new children for Millennials. They’re not avoiding marriage and children but they may be delaying them so when they are getting their first apartment or moving to a new city, they need to bring their best friend along with them.

But don’t despair if your apartment community doesn’t have a dog park. Play up your proximity to any area dog parks or other animal friendly venues. This is especially important when dealing with urban environments. One of the panelists implored the audience to get creative: put one on the roof, use garage space, etc.

Verdict: Essential

 

Your Video Game Room Won’t Turn Any Heads—or Thumbs

The panel practically dismissed this “amenity” with a disinterested wave of the hand. Video game play is about gathering with friends in their space, not a common area. Panelist said the same goes for movie rooms. Besides, as one panelist pointed out, sometimes it is better to trash talk a 13-year old online in private while playing Gears of War and not in public

Verdict: Overrated

Tanning Beds Get a Cold Reception

Besides the extra effort to clean and maintain tanning beds, not mention adhering to health codes, the controls are typically located in the leasing center and can only be controlled by staff. That means tanning beds are only available during regular leasing office hours and not when it’s convenient for the resident. One panelist offered up an alternative to tanning beds: spray tanning.

Verdict: Overrated

Fitness Centers Shouldn’t Feel Confined

If you’re going to sell your fitness center to Generation Y, bring your A game. Don’t place a few elliptical machines and treadmills in a room the size of a small dining room and expect Millennials to be impressed. Also, you must have modern equipment. You need personal TV screens and the ability to plug in iPods and other media devices.

Panelists were keen on flexible spaces. Because many Millennials are willing to live in smaller units to save money, they don’t have room for activities such as Yoga or Tae Bow. By having flex spaces at your community, you allow residents more choice in the activities they can do. One panelist went so far as to suggest that property managers contract with a local gym provider and allow them to run a fitness center.

Verdict: Essential, but with conditions

Premium Parking Can Pay Off with Millennials

While Millennials may not be willing to pay extra for green amenities, they might pay for convenient parking. One panelist said she would be willing to pay $75 to $100 more per month just to be closer to the elevator. Two other panelists pointed out that while there is a trend towards walkability, even in urban areas, and using alternative means of transportation such as light rail, bus, and even ZipCar, parking is essential.

Verdict: Essential

It’s not that these amenities are unimportant. Keep in mind that this is only the opinion from a small group of Millennials who also happen to be professionals in the apartment industry. Take these opinions with a grain of salt, test them at your own properties, and adjust your marketing messages according to the results of your research.

What are you experiencing at your properties? From the Millennial perspective, what amenities are essential and what are over rated?

 

Source:  Property Management Insider

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Making A Workplace Pet Friendly

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Pets do everything from soothing stress to providing comic relief at the workplace. In fact, pets are becoming such a part of our professional lives that many big companies now offer dog-friendly workplace policies and perks, like pet health insurance in their benefits packages.

Making a workplace safe for pets is important – after all, our furry friends aren’t eligible for workers’ compensation. Here’s how to make sure your facility won’t place pets in peril.

Before allowing tenants to bring best friends into the office, be sure to clear all areas of anything that could tempt dogs to chew, and keep things like fans, paper cutters, and printers up high and away from the ends of tables, where they could be knocked over onto unsuspecting pets. Dogs can suffer burns to the mouth, paws, and face from chewing on cables, so keep dangling cords out of paws’ reach.

Cake, candy, and other office treats should never be left out on countertops when pets are on the clock. No one wants to share a cubicle with a pet in intestinal distress – but more importantly, human foods like coffee and chocolate can actually poison pets. Provide plenty of tall trash cans with locking lids, and remind workers to discard their leftover lunches.

Doors that lead to parking lots, loading docks, and busy streets can be gateways to disaster for roaming dogs. Provide crates, gates, and leash tethers to keep four-legged friends secured in the doghouse. Remember that pets’ paws can easily be punctured by high heels if someone makes a misstep, and rolling chairs can crush toes or tails in close quarters. Really think about whether there’s enough space to accommodate pets before inviting them to work.

Finally, keep toys, treats, and anything pets might compete over out of common areas, and establish an outside-only rule for play. Just as coworkers can sometimes clash, dogs don’t always play well together. Little squabbles here and there are normal, but it’s best to adopt a zero-tolerance policy when it comes to a truly aggressive pet.

When welcoming pets into an office building, it is a good idea to have pet parents sign an official pet policy that clearly spells out all of the rules. Put safety first and set boundaries and you’ll reap the many benefits of a pet-friendly workplace.

 

Source:  Buildings

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Older Renters To Drive Demand In Next Decade

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Younger renters have long been the prized demographic for apartment owners, but there’s some indication that an older demographic is going to be an increasingly important segment for landlords in the coming decade, according to a research note published recently by the National Multi Housing Council. That is, the aging baby boom demographic might make itself felt in the rental market as its members downsize from home ownership.

The baby boom generation remains the demographic bulge that it’s been since U.S. birth rates, which dropped precipitously during the Depression in the 1930s, spiked during the prosperity of the 1950s. After another trough in the 1970s, the number of U.S. births has roughly stabilized at around 4 million a year.

Thus, the number of births has varied much less in the past 25 years than it has in the prior 50 years, which means that—projecting forward—the number of young people entering the housing market, which usually means as renters, should vary little over the next 20 years. By contrast, the size of the baby boom generation (the youngest of which are about the turn 50) carries with it the potential for a large number of people transitioning to rental housing.

Sheer generational size, however, isn’t the only variable. Household formation is critical. The number of U.S. households increased by 11.2 million between 2003 and 2013; more than half (58 percent) of that increase came among householders from 55-64 years of age. Over the next 10 years, however, that age group will make up only 12 percent of the increase in households.

The bulk (72 percent) of the increase in households from 2013-2023 will instead occur among householders in the two oldest groups combined (65-74 and over 75 years of age), estimates the NMHC research note. The share of household growth among the youngest two age groups (15-24 and 25-34 years of age) will be slightly higher in the next 10 years than in the previous decade, but both shares will remain relatively small.

How many of these new, older households will be renters? Based on the 2013 Current Population Survey rentership rates, the 25-34 age group will make up 31 percent of the renter increase going forward, the largest of any single age group. However, the 65-74 and over 75 groups will make up a combined 52 percent of the growth in renter households. By contrast, the growth in renter households in the 55-64 age group will be slightly more than offset by the decline in renters in the 45-54 age group between 2013 and 2023.

In short, a relatively large number of a relatively large demographic group will become renters in the next 10 years. Younger renters will remain important, but it will probably be their elders who provide some oomph to the demand for apartments over the next decade.

 

Source:  MHN

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