A new renter majority is taking shape across the U.S., and it is forcing multifamily owners to rethink everything from site selection to amenity packages as shifting demographics and rising expectations redefine the business.
At the GlobeSt. Multifamily Owners Summit, industry executives said today’s renter base looks fundamentally different than in past cycles, with students, essential workers, retirees and former homeowners all playing a larger role in demand. During a fireside chat moderated by John Sebree, senior managing director and head of real estate investment sales at Lument, panelists described how those changes are driving investment decisions and operational strategy across multifamily and student housing.
For Susan Folckemer, chief investment officer at The Preiss Company, the shift is especially visible in student housing, where a new generation of renters is pushing the sector to evolve.
“Student housing has become much more sophisticated,” Folckemer said, noting that the sector has evolved into a fully institutional asset class.
That transformation has been fueled by an influx of institutional capital, including pension funds, family offices and sovereign wealth funds, which has elevated both the quality of assets and the expectations of residents. Developments are now more likely to be located adjacent to or within walking distance of campuses, reflecting demand for convenience and experience over the older model of more distant, lower-amenity properties.
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At the same time, student behavior is shifting, reshaping leasing and pricing strategies. Folckemer said students are signing leases earlier, paying higher rents and expecting more from their living environments.
“The expectation from students has changed,” she said. “They’re looking for quality accommodations and a stronger overall living experience.”
Beyond student housing, panelists said the broader renter base is becoming older, more diverse and more intentional in its housing choices. Joe Lubeck, CEO of American Landmark, said demographic changes are influencing both where his firm invests and how it designs its communities.
“We’re always looking at where the next hospital is and which hospitals are expanding,” he said, describing how healthcare-related job growth has become a key signal for future demand.
Within American Landmark’s portfolio, the renter profile has shifted over time, with more residents staying longer and placing greater emphasis on shared lifestyle amenities. While outdoor space remains important, Lubeck said renters are increasingly prioritizing features like dog parks, playgrounds and communal areas over private yards.
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