Contrary to what you may have heard, millennials are overwhelmingly living in the suburbs rather than urban areas.
In Tampa Bay, more than three-quarters of millennial households live in the suburbs, where rental rates are on average lower than in urban areas. Younger households also like the fact that suburban neighborhoods are near shops and businesses.
Urban areas still hold an appeal to many under-35ers despite rising rental rates, though – nearly 27 percent of households in urban areas are headed by a millennial.
These findings were part of an RCLCO report, done in partnership with ULI Tampa Bay.
– Siobhan O’Kane, ULI Tampa Bay