Urban Invasion
The American dream has always been to wn a big home on a sprawling lot out
in the suburbs. However, that dream
appears to be drastically changing. The
recession, foreclosure crisis and ever-increas-ing gas prices have slowed demand for housing in many of the
nation’s fringe suburbs. Simultaneously,
demographic trends are starting to push
aging baby boomers, looking to downsize
from big, suburban homes, while young
Generation Y-ers are also looking to cities as
they pursue hip, cool lifestyles.
This is all good news for apartment owners and developers building in urban cores
and inner-ring suburbs. The National Multi
Housing Council reports that the US is on
the cusp of a “fundamental change in its
housing dynamics.” Changing demographics and the housing crash have shifted more
people away from buying suburban homes
and created increasing rental demand, particularly in urban core and inner-ring markets. Many of tomorrow’s households, the
By Liz Wolf
Apartment
developers are
banking on
demographic and
lifestyle shifts to fill
urban infill multifamily
projects
Washington, DC-based organization says,
are looking for more choices and are drawn
to the attractive amenities like nearby retail,
restaurants, entertainment and mass transit
that come with urban living.
According to NHMC, up to half of all
households created in the next decade could
be renters, meaning upwards of seven mil-
lion new renter households. “There’s a
noticeable shift toward an urban lifestyle,”
says John McIlwain, senior resident fellow at
Urban Land Institute who holds the ULI/J.
Ronald Terwilliger chair for housing.
Heller Urban Renewal is demolishing 750,000 square feet of blighted industrial buildings to make way for Harrison Station, its mixed-use, transit-oriented
redevelopment project in Harrison, NJ, that will include 745 luxury rentals.
