In a recent webinar by the National Association of Home Builders, industry experts discussed the importance of location in apartment decisions and the increased demand for urban living.
Millennial apartment hunters continue to focus on urban locations when seeking apartments for rent because of the convenience neighborhood amenities and workplace walkability provide.
The Washington, D.C. metro area provides a good example of this, experts noted, as many rental properties are available on the metro line providing easy access to public transportation, according to the NAHB.
“It’s all about the lifestyle for today’s renters. They want the urban experience of less commute time and immediate access to various activities,” said Jeff Kayce, vice president at Bozzuto Development Company and one of the webinar’s presenters.
Developers in today's environment are also capitalizing on this demand by increasing their construction activity in urban areas, experts added.
A recent USA Today article reports on the population and development growth that has occurred in urban areas. U.S. census data shows central metro counties have accounted for 94 percent of the U.S. growth in the past year.
