02/27/2020

Here's What Gen Z Actually Wants In Multifamily

February 19, 2020 Dean Boerner, Bisnow San Francisco Reporter

Generation Z, defined by Pew Research Center as people born after 1996, is now entering traditional multifamily properties, bringing tastes for smaller apartments, more practical amenities and even influencers with them.

And don't mistake them for millennials, the cohort right before them, Streetsense Director of Trends and Consumer Forecasting Jamie Sabat said.  “We see so many developers talking just about millennials," Sabat said. "But millennials are more in the age bracket where they're having children and starting to move into the suburbs."

As a result, Streetsense, a Washington, D.C.-based real estate design and branding company in a 50/50 joint venture with CBRE Group, advises a mostly new approach for the distinct demographic, Sabat said. The U.S. has somewhere over 60 million people in the Gen Z age range, CNBC reports. Even though only the oldest few million have reached working age, the group as a whole already sports a buying power of over $140B, according to a recent estimate by advertising agency Barkley...Click here to read more.