(RECAP: Well loved notion holds that Baby Boomers downsizing their homes are a major force behind the recent apartment boom. One recent article noted that the “magnitude of Boomers’ rental demand [has stunned] some industry observers,” while another asserted that “boomers are renting apartments and buying condos at more than twice the rate of their millennial children.” The problem with these accounts is that they aren’t supported by the data. By far, the most vital generational driver of apartment demand growth between 2009 and 2014 was the Millennials. Even within the large-building market segment, where Boomer apartment demand is increasing most rapidly, Millennials are still the dominant driver of growth: The increase in Millennials’ consumption of rentals in 50+ unit buildings during the last five years was more than three times as fantastic as that of Boomers.)

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