Millennials and Baby Boomers Driving Interest in Urban Apartment Lifestyle

Both millennials and baby boomers are drawn to the lifestyle of urban living, according to a recent article in Lehigh Valley Business. The lure of city living for these two demographic groups has been growing over the last decade and a half in cities across the nation, and now its pull is being experienced in the Lehigh Valley.

The article mentions the huge success of STRATA Flats at Four City Center, which had fully leased all 170 apartments roughly three months after opening its doors last year. STRATA attracted a substantial amount of empty nesters in addition to the many expected millennials. While different in age, the two groups were looking for a lot of the same things in a neighborhood to call their own. “It’s really driven by two things – the millennial demographic – they want the excitement of the city, they want that kind of lifestyle. The baby boomers are interested in that lifestyle as well.” said J.B. Reilly, president and CEO of City Center Investment Corporation.

From the article:

Living where you work, at least within walking or biking distance, is gaining traction with millennials.

Combine this with a more transient lifestyle and the expansive professional possibilities of our digital age, and you have a burgeoning movement of growth in urban living among young adults. There, they hold impromptu meetings and get-togethers and walk to shops, restaurants and bars, bringing urban centers to life.

Meanwhile, as baby boomers age and grow weary of mowing lawns, shoveling snow and fixing homes, they also are gravitating to an urban environment with walkable amenities – particularly since the schooling of their children is no longer an issue.

The spike in rental demand could, over time, lead to home ownership and investment in townhouses and condos in Allentown among these two groups, Reilly added.