Though there has been talk about empty-nest baby boomers leaving home ownership and the suburbs to rent urban-core apartments, the prime renter age group of 20-34 is still number one when it comes to apartment living. According to data from RealPage’s Axiometrics, the 20-34-year-old population comprises close to 21% of the total U.S. population. Breaking it down into real numbers, approximately 67.9 million people are the prime renters.

Chuch Ehmann, Axiometrics’ real estate economist, said that 10 years from now, things aren’t going to change much. Though the prime renter group will decrease somewhat, it will still encompass approximately 19.4% of the total population. The continuing strong prime renter demographic, combined with other factors, such as the need to replace aging apartment inventory, means “the outlook for apartment market performance is generally good for several more years,” Ehmann said.

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