Young People Are Increasingly Driving The Urban Recovery | United States

Sam Tenenbaum • 10/17/2022

Moody’s Analytics shared a slide in a recent presentation to our research team that was particularly interesting to the future of cities when it comes to multifamily. The key takeaway is that young people are returning to cities, driving the urban recovery from the pandemic. This data is based on data from the Equifax credit file, meaning it’s a much timelier look at migration trends across the country than the once-a-year data released by the Census Bureau.

During the pandemic, cities had a hard time retaining population as fear of the virus, as well as affordability pulled residents to the suburbs. 2020 and 202221 there was strong outmigration in these urban gateway markets.
The urban recovery began in 2021 solely in the 18–24-year-old age cohort and got worse across all other age cohorts from 2020.
This year not only has the 18–24-year-old age cohort turned firmly positive, but the performance across the 25–34-year-old age cohort has begun to recover as well. These are the two age groups that are most likely to rent apartments, correlating highly with multifamily fundamentals.
The pull factors of cities will likely keep the trend moving in this direction through 2023.

Young-People-Are-Increasingly-Driving-The-Urban-Recovery

author / contact

Sam Tenenbaum is Cushman & Wakefield’s Head of Multifamily Insights. In this series, he shares unique perspectives on today’s multifamily market, gathered from Cushman & Wakefield’s unique data on the lending environment, strong capital markets presence and the 175,000 units that we manage across the U.S.

Multifamily Capabilities

Our Multifamily advisors help supercharge your portfolio, beyond the typical “where, why, and how” of investing in and managing multi-unit properties.

Learn more

Related Insights

Research • Sustainability / ESG

How to Manage Climate Risk

This guide is a companion to help you better identify and mitigate physical climate risks. It may seem like a big task, but we help outline simple steps.

Jessica Francisco • 11/29/2023

Article • Legal

Three Prominent Legal Sector Trends in Atlanta

What three trends are impacting legal occupiers in Atlanta? 

Sam Hollis Jr. • 11/28/2023

Research

Decoding Chicago's Industrial Vacancy

The Chicago industrial market remains extremely tight with vacancy rates hovering near historic lows.

Mason Herleth • 11/27/2023

Article • Legal

Dallas-Fort Worth Legal Sector Evolving Amid Corporate Boom

What three trends are legal occupiers capitalizing on in Dallas?

Ryan Hoopes • 11/27/2023

Podcast • Economy

C&W: Behind the Numbers

Our experts cut through the noise to provide you concise commentary on only the most important economic and sector-specific commercial real estate data points.

11/22/2023

Research

Retail Resilience: Retailers Put to the Test

In part two of this three-part series, we assess what retailers are doing to navigate the economic environment and the implications for retail CRE demand over the coming years.

James Bohnaker • 11/6/2023

Research • Workplace

Experience per Square Foot Instant Insights

Welcome to our monthly Experience per Square Foot^TM Insight page. The goal of our Total Workplace Research & Innovation Team is to keep you informed about the latest trends in the dynamic commercial real estate industry. Each month, we will present our own insights and in-depth examination of emerging shifts that can help you make informed real estate decisions.

10/30/2023

Research

Retail Resilience: Consumers at the Helm

This is part one of a three-part series that explores the remarkable resilience of the retail sector and sheds light on its continued growth in an ever-evolving landscape.

James Bohnaker • 9/27/2023

Article

Sky-High Mortgage Rates Benefitting Multifamily

With mortgage rates approaching 7%, we wanted to see the material impact of the movement in the market. Using data from Cushman & Wakefield Asset Services, which looks at the self-identified reasons that renters are moving out, we’ve laid out the share of renters that have said they were moving out of our managed communities to buy a home, condo, or townhouse.

Sam Tenenbaum • 9/28/2022

Article

ODCE Fund Allocations To Multifamily On The Rise

Here, we look at data on the flow of core institutional capital across asset classes. The data comes from NCREIF’s ODCE index.

Sam Tenenbaum • 9/12/2022

Article

Housing Starts Down But Single Family for Rent and Built-to-Rent Remain Strong

The Census recently released second quarter starts data, and as expected, we continue to see a pullback in the single-family market. Overall housing starts continue to decline with single-family starts back to 2019 levels.

Sam Tenenbaum • 8/22/2022

Research • Sustainability / ESG

Green is Good Series

Across the commercial real estate (CRE) investment landscape, ESG-focused funds have been growing in popularity across institution types.

Jacob Albers • 3/29/2022

Interested in learning more?

Get in touch and we can assist with any additional information you need.

Your privacy matters to us

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Cookies

More Options

Agree and Close

These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.

These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.

These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.

Cookie preferences

Agree All

Reject All

SAVE SETTINGS

Essential

Non Essential

Marketing