Axiometrics Senior Vice President of Analytics Jay Denton comments on the trend for one-bedroom apartment units, which millennials have been driving for the past few years. But will this trend continue as millennials age and the size of their households grows?
Since 2012, studio and one bedrooms have made up 54.4% of the market's unit mix, an increase 45.5%. Two-bedroom units has fallen from 46.1% to 38.9%.
Developers and apartment property owners like one-bedroom units because they provide more rental revenue per square foot than larger units – but they also favor today’s demographics.Those in their 20s are delaying marriage and children longer, and these young singles prefer renting, especially in urban core areas that feature restaurants and retail tailored to their tastes and lifestyles. And, because many of these renters are older, they’re less likely to want to live with a roommate.