Multifamily Housing Trends & the Impact of Smaller Family Size
More?Millennials?are choosing to reside in multi-family housing than ever before. According to?Bloomberg, the number of persons per household has deteriorated steadily since the 1960s, reaching a plateau of about 2.5 people. As the average household size remains small, fewer people see a prerequisite to purchasing a single-family home, which explains why more rental apartments were built in 2017 than in any year since 1999. As Millennials continue to build their careers and families, however, how long can we expect this trend to continue?
Factors Impacting Family Size
Family size is certainly a factor in what type of housing people opt for, with single-family homes offering the space for a larger family that a condo or apartment may lack. This shows that whether or not families are growing has big suggestions for the?commercial real estate market. And it doesn’t seem that the trend toward smaller households will end any time soon.?The US Census Bureau?projects that by the year 2030, international migration will outpace normal population growth. This shows that, as a minimum the next 12 years, we will continue to see smaller family sizes as Baby Boomers age and millennials do not have children at a rate to substitute them.?Forbes?forecasts that the number of births per woman is also not expected to increase, for a number of reasons, as outlined below:
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