Bob Weston, CFO of Phoenix-based owner–operator Alliance Residential, reports at the Urban Land Institute’s annual conference that the average renter’s age has gone up “at least five to seven years,” to the surprise of many developers.
In response to this sudden influx of baby boomer renters, multifamily operators are paying closer attention to what their older clients are looking for. In this article by KJZZ correspondent Christina Estes, Weston says most boomers want to be tech savvy and tend to rent larger apartments, citing a growing demand for three-bedroom units.
[At the conference] the growth of the multifamily housing industry was also addressed, specifically whether there’s been too much construction. Jonathan Watson, with AEW Capital Management, thinks the market has probably peaked but remains in good shape.