Suburban rental housing has shifted over the last decade thanks in large part to Millennials. From 2005 to 2015 the number of Americans aged 24 to 37 who live in a suburb increased 10%. This age group has very different lifestyle preferences and goals than previous generations, and it’s changing the way housing and land is developed across America.
Suburban Renting on The Rise
The suburbs are more attractive than ever before, outpacing urban growth in many ways including renting. According to a study by Rentcafe, an online apartment search engine, the number of suburban renters in the nation’s 50 largest major metros rose by 22% between 2010 and 2019, while the number of suburban homeowners rose by only 3%. With more employment opportunities outside of cities and cheaper rents than their urban counterparts, suburbs are more attractive than ever before.
Renters are attracted to the suburbs for many reasons, including lower housing prices, a better quality of life and more outdoor space. Suburbs across the country have also become more walkable, more bikeable and more transit-friendly. When work-from-home suburbanites need to get around, the suburbs are even easier to navigate with self-driving cars and ride-sharing services.
Millennials Are Shaping the Suburban Market
Millennials are the largest population moving to the suburbs, citing a better work-life balance and more living space for their money as a leading influencing factor. The millennial generation is more diverse than Baby Boomers and Gen X. According to the Urban Land Institute, millennials want to live in walkable communities with easy access to public transportation and entertainment options.
In addition, many millennials are opting out of car ownership altogether, according to ULI’s survey results: 57 percent said they don’t own a vehicle; 19 percent said they do but plan on getting rid of it soon; and 15 percent said they plan on keeping their vehicle indefinitely.
Suburban Development and Investment Opportunities
The changing needs of the suburban market create an excellent opportunity for forward-thinking residents, workers, and developers alike. Suburban communities can be made more walkable, have more vertical design, and have better public transportation links.
Factors like parking, traffic, and zoning can impact development projects. Multi-use developments like Miller’s Landing intentionally weaves these elements together with technology and environmental concerns so that people can have access to more of these things without having to go very far. With green spaces right next to satellite offices, work-life balance improves on a daily basis. With local restaurants and shops right beneath multi-family housing, the sense of community grows with each visit.
And with convenient equidistant location between Denver and Colorado Springs, including easy access to two commercial airports and military services, Miller’s Landing is an excellent place for businesses to office, warehouse, and recruit highly qualified talent.
Partner with P3 in Your Suburban Adventure
Work with a Master Developer with experience in all asset types, land development, public infrastructure, brownfield re/development, and non-profit financing & development. P3 Advisors are experts in public/private partnerships and are experienced and knowledgeable in providing comprehensive development solutions. With P3 Advisors and CCD, you get a team that believes in strong relationships and is community-center, committed to the ability to create a gainful outcome for all, and their word is their bond. You can count on experienced, knowledgeable partners…and you’ll have fun!