May
19

Divorce Rate Drives Demand for Multifamily Properties

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Divorce-Split-FamilyWhen it comes to demand for multifamily communities, there are usually two demographics that come to mind: millennials and baby boomers. What most people don’t realize, however, is that even though both groups drive demand for multifamily properties, there’s a third subset of individuals doing the same—divorced people.

According to the Census Bureau, there are approximately 107 million single people 18 or older living in the United States. Of that 107 million, 24% are divorced. This equates to 25.7 million individuals.

In addition to this 25.7 million, approximately 876,000 new divorces occur each year, or one every 36 seconds. This number doesn’t imply that there isn’t a significant amount of happy and successful marriages throughout the U.S.; it simply indicates that divorce is a reality and one that shouldn’t be ignored, especially by multifamily owners and investors.

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