Renter-Age Population Grew Fastest in These Markets

From 2021 to 2022, the age of 20-34-year-olds grew by nearly 700,000 residents, according to the latest data from the U.S. Census Bureau. That surge in 20-34-year-olds – a key demographic in apartment renter households – accounted for a 1% increase year-over-year. In several small markets, however, the growth rate of young adults surged well beyond the national norm. The small inland Florida market of Lakeland grew its young adult population 5.5% from 2021 to 2022, accounting for the addition of 7,500 residents. Provo-Orem, UT added over 9,500 young adults, translating to a growth rate of 5.4% year-over-year. Boise, City, ID and Cape Coral-Fort Myers, FL grew their young adult population about 4% each from 2021 to 2022. Huntsville, AL; McAllen/Brownsville, TX; and Fayetteville-Springdale-Rogers, AR-MO all grew their 20-34-year-old population about 3.5% year-over-year. Several of these markets – Provo/Orem, Boise, Huntsville and Fayetteville – are home to a major state university, often keeping a healthy dose of young adults in the renter pool in those areas.