Gulf Coast apartment growth to continue

The 2008 foreclosure crisis, an improved job market, population gains, increased household formations — especially among millennials aged 21 to 37 years old — have combined to make the multifamily sector along the Gulf Coast one of the hottest in the country in the aftermath of the economic recession of the last decade.

Baby boomers, aged 52 to 70, have also played a significant role. Eager for greater flexibility and unwilling to take on the burden of home ownership, many Americans born between 1946 and 1964 have flocked to Florida and decided to rent, not own.

The trend has manifested itself nationwide, too, with home ownership now at its lowest level since the 1960s, at around 64%. That's good news for apartment developers trying to entice renters with modern amenities and more urban locations.