When we break down the population of the U.S. into generational groups, the largest working generation today is those between ages 18 – 34, more commonly known as the Millennials and Gen Z. This age group also happens to make up the largest portion of the renting population in the U.S. today, at roughly 39 million people. The total population of renters in the U.S. today, now over 100 million people, represents an all-time high and is expected to continue growing and notching new all-time highs almost every year. However, this age group is not the only demographic that will influence renting and multifamily demand going forward.
It is predicted that nearly half of the United States population growth over the next decade will not come from within its borders. Rather half of the predicted growht is expected to come from new migration into the United States. States along the southern border, such as Texas, are expected to brunt of this growth, which will ultimately lead to higher demand for housing in metro areas such as Austin and San Antonio. As the population growth in the United States continues to be driven more and more by immigration, the overall percentage of renters in that population is likely to continue to grow as well.