Page 2
— Multifamily Properties Quarterly — March 2016
CONTENTS
Letter from the Editor
W
ithin this issue, you’ll find a
plethora of in-depth topics
about multifamily living, but
I wanted to take a fewmin-
utes to discuss the cause for
the demand. In the most basic form, it
comes down to state demographics.
From July 1, 2014, to July 1, 2015, Col-
orado’s population increased by nearly
101,000 people,
according to data
released by the U.S.
Census Bureau.That
means Colorado
increased at twice
the rate of the U.S.,
said State Demogra-
pher Elizabeth Gar-
ner, with the Colo-
rado Department of
Local Affairs.
The net in-migration, the likes of
which hasn’t been seen since 2001,
is predominately made up of people
in the age group of 22 to 37, she said
during a presentation hosted by the
Apartment Association of Metro Den-
ver.This probably doesn’t come as a
surprise to many, because millennials
have been the largest generation in
metro Denver since the early 2000s.
However, even now, it’s interesting to
note we don’t have a disproportional
share of millennials compared with
the nation, she said.
The most unexpected part of Gar-
ner’s presentation was the realiza-
tion that Colorado is “getting old
really fast.”The reason for this rapidly
increasing demographic is because the
state is one of the youngest states in
the nation, Garner said. Colorado expe-
rienced its first big in-migration in the
1970s, which was largely comprised of
the baby boomer generation, who were
in their 20s. Before this, the state didn’t
have a lot of older people, and it took
the baby boomer generation 30 to 40
years to hit the 65-plus mark. At the
end of the day, all this means is that
Colorado is going to have a more equal
distribution of age, and that’s a good
thing for the state, she said.
The graying of Colorado is good news
for the apartment industry as well.The
millennial generation, which contin-
ues to push the conversation in terms
of apartment requirements, will be
targeted renters for a long time – the
youngest millennials are 15 years old
and still years away from entering the
rental market pool. In addition, the
state now is seeing a rapidly increas-
ing retiree age bracket, many of whom
are opting to downsize and looking to
multifamily housing for their solution.
You’ll read on Page 20 about a sur-
vey of Denver renters that reports 78
percent of renters hope to buy homes
within the next five years. But as long
as the state continues to attract mil-
lennials, who are opting to rent for at
least part of their 20s, and continues to
be called “home” for downsizing baby
boomers, the market looks promising
for a long time to come.
I hope to see you at the CREJ Mul-
tifamily Conference March 17. Please
come up and say hello. As always,
thanks for reading.
303-623-1148, Ext. 104
