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Report Reveals Millennial Impact on Housing Development
Posted on: June 19, 2015 by Newmark Insurance
A recent report by Bloomberg shows that second-tier American cities are seeing a substantial increase in millennial population. As a result, real estate developers are seeing an increased need to provide multifamily housing structures at a rapid rate. In the wake of this progression, be sure your Austin TX Real Estate Broker Liability is in full effect to protect your business during this hectic time.
Cities such as Austin, Seattle, Houston, Dallas, and Raleigh-Durham, North Carolina are experiencing high multifamily housing market increases as a result of this population shift. The Austin Business Journal states that the millennial population has grown more than 26% between the years of 2000-2014. Also, Austin has the largest number of residents aged 20-34 in the entire nation.
The recent shift has been attributed to the tech industry growth in the areas. Millennials, fresh out of college and job-hungry, are attracted more and more to the career opportunities. The recent expansion of other key industries such as education, energy, and health care are also causing the interest level to spike.
The same report estimates that Austin alone is expected to have about 72,000 more new jobs over the next year to accommodate the influx of residents. Further, within 3 years, Austin’s multifamily resident permits increased by a staggering 361 percent.
The recent spike in population is immensely beneficial to Austin’s housing market. With so much expansion and building, real estate statistics are soaring. To ensure your real estate business is prepared and covered, contact our seasoned specialists at NewMark Insurance Services today at (855) 777-6549.