I pulled the following excerpt from an AP story over at [Yahoo]
"The so-called Echo Boomer generation, which is loosely defined as the
children of Baby Boomers, will help drive business for Equity
Residential and the apartment market as a whole, Neithercut said. He
said the population, estimated at 80 million, will have a high
propensity to rent and will be attracted to the company’s core markets."
That is, in part, David Neithercut’s, sentiment on the multi-family market and more specifically the core markets that EQR manages property in. Mr. Neithercut is the CEO and President of Equity Residential Properties based in Chicago, IL.
I’ve read the estimates that the EB crowd numbers in the 75 to 80 million range, I have also read that 57% or greater are staying home and or going back to live with Mom and Dad after college graduation. [Read Here] And, note that affordability not only seems to be a driver for more renters in lieu of buyers but it is also a driver for doubling or tripling up and or staying home a few more years. The Echo Boomer’s are ambitious and driven not to mention more responsible than most think. If they can live at home with little to no overhead and pay down college loans and otherwise get their financial affairs in order then they will do it.
I’m not so sure I share the same optimism as Mr. Neithercut although I consider Equity Residential to be the absolute best PM firm in America.