Peaking Millennials Could Reverse Urban Market Growth
Millennials make up America’s largest generation and play a crucial role in gentrifying urban centers across the country, but experts are saying that trend is starting to unwind.
University of Southern California professor of demography and urban planning Dowell Myers recently published a paper that said American cities reached “peak Millennial” status in 2015, the New York Times reports. Myers said growth in demand for urban apartments will slow over the next few years as Millennials continue to age and move into the suburbs to raise families.
And it’s already happening — according to JLL Research the flow of young professionals into Philadelphia appears to have reached its peak and apartment rents have weakened in NYC, San Francisco, Washington, DC, Miami and Denver. [NYT]
