Data on households shows that non-family households have grown at a disproportionately faster rate than family households.
Source: nreionline.com
Despite all of the statistical and demographic data analysis done in the apartment industry it consistently proves out that rents are driven more by economics—job and income growth—than demographics, which still drives occupancy. The demographic shift experienced the last few years, but property markets are still ruled by economics, which may or may not move in step with the demographic changes.