Markets With Fastest Growing Renter-Age Population

From 2022 to 2023, the U.S. population of 20- to 34-year-olds shrank by roughly 587,000 residents, according to the latest data from the U.S. Census Bureau. That decrease in 20- to 34-year-olds – a key demographic in apartment renter households – amounted to a year-over-year decline of 0.9%, below the 1% increase from 2021 to 2022. In several of the nation’s 150 largest apartment markets, however, the growth rate of young adults in 2023 registered at 1.5% or higher. The small inland Florida market of Lakeland-Winter Haven grew its young adult population 3.1% from 2022 to 2023, accounting for the addition of nearly 4,400 residents. Provo-Orem, UT added over 4,500 young adults, translating to a growth rate of 2.4% year-over-year. Huntsville, AL and Boise, City, ID grew their young adult populations about 2% each from 2022 to 2023. North Port-Sarasota-Bradenton, FL, Greenville/Spartanburg, SC, Austin-Round Rock, TX and Fayetteville-Springdale-Rogers, AR-MO grew their 20- to 34-year-old populations 1.5% to 1.8% year-over-year. However, Austin by far saw the most absolute growth in that cohort among those fastest growing markets, with an increase of nearly 8,900 residents. Helping to keep a healthy dose of young adults in the renter pool, all of these markets are home to a university.