Millennials, Baby Boomers responsible for record boom in metro a - KCTV5

Millennials, Baby Boomers responsible for record boom in metro apartments

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The study shows more than 6,100 units under construction for 2017 and almost 2,600 units planned for construction in 2018. The study shows more than 6,100 units under construction for 2017 and almost 2,600 units planned for construction in 2018.
FAIRWAY, KS (KCTV) -

Anyone looking to rent in the Kansas City area is in luck. 

The metro is undergoing an apartment boom and the number of new apartments being built is at its highest level in decades. And the generations fueling the boom are two that often end up pitted against one another.

Millennials and Baby Boomers, they may not have much in common but according to real estate experts, they're behind a record level of apartment buildings going up in the metro.

Colliers International recently released a study showing the growing supply and demand of apartments in the Kansas City area, and Senior Vice President Bob Galamba says the boom is the largest the metro has seen since the early 1990s. 

He says the driving force for the boom are Millennials who want to stay in walkable areas and empty-nesters who want to downsize and also stay in walkable areas connected to all the amenities and attractions of their town or city.

“It's a lock-n-leave lifestyle,” Galamba said. “Both a millennial and a baby boomer wants to be able to walk outside their door, go to restaurants, go to bars, entertainment, and both are driven by that same environment.”

Another driving force, Galamba says, is college debt. Many Millennials are graduating under a mountain of debt and simply can't afford to even think about buying homes. 

So, will the trend continue? According to the study by Colliers, it will.

The study shows more than 6,100 units under construction for 2017 and almost 2,600 units planned for construction in 2018.

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