Seniors are an increasingly important multifamily renter cohort, especially for smaller properties. Some retirees are choosing to downsize and rent for lifestyle reasons. Other seniors are working — and renting — longer.

Rent concessions are making a comeback in some of the nation’s top apartment markets as new multifamily developments enter their lease-up phase. In slower markets, concessions are part of everyday life for property managers.

Married households and families are well-represented in small property apartments. Reflecting that skew to larger households, smaller properties account for a relatively smaller share of single renters when compared to large buildings.

Education is arguably the strongest predictor of present and future levels of American workers’ income. As a result, there is a correlation between education attainment and the size of a building a renter is likely to call home. 

In this closer look at Millennial renters, we find they are well-represented in small, low-amenity properties.

As we enter the fall buying season, it’s useful to look at pricing in major multifamily markets through the first half of the year. Not only in the priciest markets, but also in markets that may represent higher yield opportunities.