In today’s society, Millennials outnumber Baby Boomers living in the United States. As a result, we have seen a shift in rental apartment trends, with more Americans now living in smaller apartment buildings (by unit size) than larger ones. As it turns out, the share of renters living in small properties has increased slightly since the beginning of the market recovery in 2010.
Seventy-six percent of multifamily renters live in small properties, outnumbering renters in large properties three-to- one. By reading this article, you can see from the current cycle that most renters live in properties with fewer than 20 units.