Login to access your documents and resources.
The client portal are currently unavailable for use on mobile. Please visit the desktop site.

We believe the demand for apartments in the U.S. is set to continue in the next decade, due to demographic trends, most notably from the millennial cohort, and affordability concerns across middle income households.

Our report looks at eight 'flight to suburb' metros which may lose higher income older millennials as they marry and have children. However, this will also create an opportunity in those metros for potential dislocation in the luxury and Class A apartment market. We believe younger millennials will continue to rent but migrate to cities with the strongest job prospects at a lower cost of living.

We identified affordability as the key differentiator, as middle income households comprise of 20 percent and 35 percent of each millennial age cohort. Middle income households represent a stable long-term source of demand for apartments as they tend to rent out of necessity and not necessarily by choice.

Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. Nuveen Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. Nuveen Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). Nuveen Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors LLC a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA.