Austin has the highest number of millennial residents in the country according to research by Bloomberg, The Austin Business Journal reports.
Between 2000 and 2014, the population of millennials in Austin, those aged from 20-34, increased over 26 percent. We also have the largest number of millennials in the country at 27 percent.
With the exception of Houston, all of the other cities sharing a similar millennial boom, (Seattle, Dallas, and Raleigh-Durham, North Carolina), are attracting the young demographic with explosive growth in the technology industry. 72,000 new jobs are projected to be added in the next year alone in Austin.
The influx of millennials has led to a 361 percent increase in the number of multifamily permits in Austin between 2010 and 2013. 14,200 new apartments will be completed in the next two years, a seven percent increase over current levels. Lenders are more likely to lend money to those seeking to construct new multifamily projects as well.