Markets Where Renter-Age Population Has Increased Most
The renter-age population swelled considerably in six markets nationwide from 2016-2021, according to the latest data from the U.S. Census Bureau. Among the nation’s 150 largest apartment markets, the population of 20- to 34-year-olds – a prime renter age group – climbed 10%+ in six markets from 2016-2021. In Lakeland, FL, the young adult cohort grew by 14% in that five-year time span – a whopping 10 times higher than the national norm of 1.4% growth. Young adults also flocked to Provo-Oren, UT as the population of 20- to 34-year-olds grew by over 13% in that five-year period. In Austin, Boise City, Nashville and Colorado Springs, the population of 20- to 34-year-olds grew by 10% or more during that time. Across all age groups, the population of these six markets swelled at a much faster pace than the national average, where the total population grew 3.5% from 2016 to 2021.