Currently one in five New Yorkers is a millennial, writes The Real Deal New York's E.B. Solomont and Katherine Clarke, citing data from the U.S. Census Bureau. The writers add that an influx of millennial immigrants to the United States will only increase their ranks.
But their decisions to delay marriage and the formation of households has some concerned.
Earlier this year, Equity Residential Chairman Sam Zell mused: “This whole millennial thing is a bunch of bullshit.”
Speaking at New York University, he said he was “worried about fertility” and delayed marriage among millennials in the context of the nation’s economic growth.
But landlords throughout New York are still gearing new developments to millennials.
This fact has not been lost on developers who have geared much of their NYC rental product to millennials — whether it’s extra bike storage (one in five millennials bikes at least once a week, according to the Urban Land Institute), USB charging ports in apartments (two-thirds of millennials don’t have landlines, according to the Centers for Disease Control) or co-working space (nearly one-third of millennials are self-employed, according to a 2015 survey by online stock brokerage TD Ameritrade).