MILLENNIALS DRIVING APARTMENT BOOM, BUT CONSTRUCTION COSTS WEIGH IT DOWN

The Philadelphia apartment market is hotter than it’s been in years, with strong demand for new product–but there’s a high cost to develop that product, according to our speakers at Bisnow Philadelphia’s Multifamily Take Off at the Sheraton Philadelphia Downtown this week.

As in a lot of places, Millennials are driving a lot of leasing activity in both Downtown and suburban apartment markets, our speakers note. Downtown’s no surprise, but it’s also true–contrary to conventional wisdom about Millennials–that many of them want to live in a suburban location, either for convenience (near work) or because it’s cheaper.

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