Urban Housing Trends

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Hello! Thank you for your question about notable urban housing trends. I understand that you want to focus on Midwestern projects that attracted Millennial buyers. In short current urban housing trends focus on sustainability, available spaces, and popular districts based on consumer demand. In the Midwest, Indianapolis and Chicago have high seen the highest Millennial influx in their downtown areas. When it comes to most loft spaces in these areas they follow the commercial to residential trend of the markets. Below, I dive deeper into urban housing trends, Millennial housing desires, and what attracts them to Indianapolis and Chicago.

METHODOLOGY

My understanding of the request is that you are looking at urban housing trends, but mainly …show more content…
They typically measure about 500 square feet and usually consist of one or two rooms. Micro-apartments appeal to young professionals who want to live on their own, but cannot afford a large space. They also allow single professionals to live in ideal metro areas, close to restaurants, shops, and entertainment. The typical rent for a micro-apartment ranges between $600-$1000.

RENOVATING COMMERCIAL SPACE

Converting commercial buildings into apartments/condos allows cities to keep up with new housing demands. A 2015, report by CoStar found that almost half of the top business district markets in the United States were experiencing high office-to-residential conversions. Overall these conversions are a win-win situation for cities, because they create more housing and drive urban renewal.

MIDWEST URBAN GROWTH AND HOUSING TRENDS

Chicago and Indianapolis, are two Midwest cities that have seen the highest population growth. This section will go over each city's housing trends, and the two following sections will go over Millennial population and loft trends in each …show more content…
Oddly enough the downtown rental population has increased but the percentage of downtown workers that live downtown is relatively low. This is due mainly to the influx of Millennials that find the downtown area appealing. Indianapolis like Chicago took some time to develop micro-apartments. The first being the Artistry apartments, constructed downtown in 2013. This development also serves as an example of the city's commercial to residential conversions, since the building once housed the center of operations for Bank One. Overall all rental construction is slow in the downtown area due to lack of backing.

NEW MILLENNIAL MARKET IN INDIANAPOLIS

The Global Strategy Group's study on ten major U.S. Cities named Indianapolis as an aspiring Millennial city. The city is also the only metro area to appear in the 10 top in the housing market for having both the lowest price per square foot and best job market. The city's job and housing market has given Indianapolis one of the largest Millennial populations among the top 100 metro areas.

When it comes to selecting a home in Indianapolis, most Millennials opt for condos, town houses, or places in the historic districts close to downtown. Downtown Indianapolis is known for its walking and biking paths, proximity to the minor league baseball stadium, and night
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