Millennial Housing

Part
01
of five
Part
01

Furnished Apartments in NY & LA

While there is no pre-existing information to fully answer your question, we've used the available data to pull together key findings.

Millennials are still the largest rental demographic in the US, and in their search care about high-speed Wi-Fi, online portals for rent payment, and pet-friendly apartments. Other amenities prized by Millennials, especially in New York City, are having a doorman or a lobby (for packages to be delivered) and an in-building washer and dryer.

Although New York is still an attractive city for Millennial renters, they are increasingly looking towards other cities in the US, including LA (but away from San Francisco, a classic Millennial hub); and they are also getting ready to buy, making up 34% of buyers and 66% of first-time buyers in 2017.

Please see below for more information on our findings and methodology.

METHODOLOGY
In order to answer your query, we looked for data on searches by Millennials for furnished apartments in New York City and Los Angeles and whether it is growing or decreasing. However, after looking for figures in reports by the US Census Bureau, Realtor, Zillow, Data.gov, Pulsenomics and Redfin, we determined that data to that level of granularity is not publicly available.

After this, we looked for qualitative evidence in real estate and business publications such as Brick Underground, Realtor, Crain's, Medium, MarketWatch, Business Insider, Curbed, Renters Warehouse and The Real Deal, but our search was equally unsuccessful.

This lack of information could point to a lack of demand, or otherwise a lack of registering of said demand, but there is not sufficient evidence to confirm either.

Below we offer some insight on renting and real estate trends by Millennials in the US and New York City, including what they look for. Data on renting trends by Millennials in Los Angeles was largely unavailable.

USEFUL FINDINGS
According to Renters Warehouse, Millennials represent the largest percentage of renters in the US — 18.4 million of them rented in 2016 out of a total 45.9 million renters, making them 40.08% of total renters in the country.

Millennials are demanding renters who have specific ideas about what they want in an apartment. Their list includes high-speed Wi-Fi, easy ways to pay rent (such as online portals) and pet-friendly apartments. Furnished places are not among the top priorities, at least according to Renters Warehouse.

New York City (and specifically the borough of Brooklyn) has traditionally been and continues to be one of Millennials' favorite cities to rent in. Despite this trend, it is losing ground to other metropolitan areas in the country. Cities like Miami, Orlando, Salt Lake City, and Los Angeles are growing in popularity in page views by Millennials, found a report by real estate site Realtor. Reasons for the rise in popularity of these cities can be found in opportunities in the job market and affordability of cost of living.

In terms of what Millennials want out of real estate in New York City specifically, Brick Underground found that convenience and safety are two of the most priced elements. Amenities such as having a doorman to receive deliveries, elevators or in-building washer and dryers are often mentioned as non-negotiable by Millennial apartment-seekers in New York.

Despite Millennials still being a driving force in the rental market in the US, they are also slowly looking to buy. They make up 34% of the total buyer market, as well as 66% of the first-time buyer market in the US, and 33.2% of them expect to buy within the next 3 to 5 years.

CONCLUSION
To wrap up, despite the lack of available data to fully answer your question, we were able to find that Millennials are still the largest driving force of the rental market in the US, focusing on apartments with high-speed Wi-Fi, convenient ways to pay rent and that are pet-friendly. Despite New York still being a key market for rentals, LA is growing considerably as a destination for Millennial renters.
Part
02
of five
Part
02

Average Spend to Furnish Apartment in LA & NY.

Since the size of the apartment and number of tenants were details not clarified in your query, we will assume a simple scenario featuring a one-bedroom unfurnished apartment with a single tenant in order to complete this report. First we researched the average cost to furnish a one-bedroom apartment across all US markets, comparing purchase costs to rental costs. Next, we researched the average cost to furnish a one-bedroom apartment in two markets, NY and Los Angeles, and we compared essential furnishings purchase costs to rental costs in those markets.
After reviewing the most current pre-existing information published by credible sources such as popular consumer finance publications or real estate rental portals, our research team successfully identified average total spending figures for the purchase of or the rental of essential furnishings across all markets and then in the NY and LA markets, respectively. We also broke this information down by each specific essential item and the average cost to buy or to rent these items in NY and then in LA. A summary of our findings is written below.

FINDINGS

THE MILLENNIAL FURNISHINGS CONSUMER

Here are a few findings we uncovered about Millennials and the amounts they spend on home furnishings across all US markets. Millennials represent a growing share of the home furnishing consumer market; while they represented 14% of all buyers in this market back in 2012, merely two years later, in 2014, that share jumped to 37%. Their spending on bedding and furniture grew from $11.1B to $27B, a fact that has caught the attention of many retailers. However, we also learned that when it comes to spending on living room furnishings, specifically, Millennials spend far less ($1,500 at the top end) than previous generations (Generation X at $2,500 top end and Boomers at $3,000 top end).

TOTAL AVERAGE COST TO PURCHASE ESSENTIAL FURNISHINGS FOR A ONE-BEDROOM APARTMENT IN ALL US MARKETS

Looking across all US markets, we found that the total cost to furnish a one-bedroom rental unit by purchasing essential items (for the living room, bedroom, and dining room) comes to an average of $6,488. This figure breaks down as follows:

Bedroom $3,586 (bed frame, mattress and box spring, 2 night stands, dresser)

Living Room $1,784 (couch, coffee table, 2 end tables, TV stand)

Dining Room $1,118 (dining table and 4 chairs)

$3,586 + $1,784 + $1,118 = $6,488.

Essential furnishings are defined as: 1 bed (mattress and box spring), 2 night stands, 1 dresser, 1 couch, 2 side tables, 1 coffee table, 1 dining table and 4 chairs.

Please note that we excluded purchase costs for non-essential furnishings (such as wall decor, rugs, lamps) even though you will find such information included in several sources we attached to this report.

TOTAL AVERAGE COST TO RENT ESSENTIAL FURNISHINGS FOR A ONE-BEDROOM APARTMENT IN ALL US MARKETS

Across all US markets, the cost to rent essential furnishings as defined above for a one-bedroom apartment ranges from $710 to $1,655 per month.

NEW YORK CITY COST TO PURCHASE ESSENTIAL FURNISHINGS FOR A ONE-BEDROOM APARTMENT

According to a study reported by Nestpick, the average cost to purchase essential furnishings for a one-bedroom apartment in New York City is $1,313 per month.

LOS ANGELES COST TO PURCHASE ESSENTIAL FURNISHINGS FOR A ONE-BEDROOM APARTMENT

According to the same study reported by Nestpick, the cost to purchase essential furnishings for a one-bedroom apartment in Los Angeles is exactly the same, $1,313 per month.

NEW YORK CITY COST TO RENT ESSENTIAL FURNISHINGS FOR A ONE-BEDROOM APARTMENT

While we were unable to find pre-compiled information about the average cost to rent essential furnishings for a one-bedroom apartment in New York City, we did find information from Cort, a national furniture rental company. According to Cort's website, they offer certain rental packages for students attending New York University in Manhattan but living off-campus in non-university owned apartment buildings. Please note that Cort offers a heavily discounted price on selected rental items to college students. Using Cort's "Necessities" student apartment furnishings rental package as an example, the published rate is $119 per month.

Another insight into apartment essential furnishing costs in metro NY is provided by the Brook Rental Furniture Company. Based on information published on Brook's company website, we calculated the low-end price to rent essential furnishings for a one-bedroom apartment in the NY market, and that figure comes to $815 per month. This total was reached using the following formula:

Bedroom = $385/mo. standard queen size bed (including frame, mattress, and box spring), 2 night stands and 1 dresser.

Living Room = $210/mo. 1 couch, 1 cocktail table, 2 end tables, and 1 media stand.

Dining Room = $220/mo. 1 dining table and 4 regular dining room chairs (not end chairs).

$385 + $210 + $220 = $815

LOS ANGELES COST TO RENT ESSENTIAL FURNISHINGS FOR A ONE-BEDROOM APARTMENT

While we were unable to find pre-compiled information about the average cost to rent essential furnishings for a one-bedroom apartment in the Los Angeles market, we did discover that the Brooks Rental Furniture Company also has a showroom in metro Los Angeles. Upon review, it turns out that their published rental prices for customers in Los Angeles are exactly the same as the rental prices published for metro NY customers.

CONCLUSION

To sum up, we found that the cost on average to purchase essential furnishings for a one-bedroom apartment across all US markets is $6,488. The cost on average to rent essential furnishings for a one-bedroom apartment across all US markets ranges from $710 to $1,655 per month. In metro NY, the average cost to purchase essential furnishings for a one-bedroom apartment is $1,313. While we were unable to establish an average cost to rent such furnishings in NY, one rental furniture company charges about $815 per month. In metro Los Angeles, the average cost to purchase essential furnishings for a one-bedroom apartment are exactly the same as it is for metro NY which is $1,313 per month. We were also unable to establish an average cost for renting the same essential furnishing items for metro Los Angeles; however, we found that the Brooks Furniture Rental company has a showroom in Los Angeles and charges the exact same prices as they do for the same items to rent in metro NY. So the cost to rent essential furnishings for a one-bedroom unit in Los Angeles could be around $815 per month. Finally, we found that Millennials represent more than one-third of the overall home furnishing consumer market in the USA. However, when it comes to living room furnishings, specifically, Millennials spend less than do consumers from the older GenX and Boomer age groups.

Part
03
of five
Part
03

Millennial Renting: Average Length of Stay

While your request cannot be fully answered with available information, we found that facts and opinions point to millennial renters placing a premium on flexibility. Millennial renters tend to move from one residence to another more frequently than differently-aged renters. Our research suggests that millennial apartment renters, including those in New York and Los Angeles, are inclined to stay in the same residence for one to two years only, while those renters belonging to other groups tend to stay for three to seven years. How long millennial renters expect to stay in the same apartment and whether New York and Los Angeles millennial renters behave in a different manner could not be reliably determined, however.

METHODOLOGY

To find your requested information, we initially looked for recently published articles and reports on the renting behavior of millennials in New York City and Los Angeles. This initial approach revealed to us that while there are several articles on why millennials rent instead of buy, there are none on the length of stay, more so of millennial renters in the cities of New York and Los Angeles. We tried other approaches such as searching for surveys or statistics on lease length and state housing and vacancies, but these approaches were not as effective as we hoped them to be.

We typically use sources published in the past two years in our responses, but in this case, given the limited results that our searches were producing, we decided to look beyond recently published sources. This decision enabled us to find historical information on the duration of residence from the United States Census Bureau. The information that we found is not specific to New York and Los Angeles, but the information is segmented by age group and by region. And the information offers insights as to what the current length of stay may be.

Using the Census Bureau and a few recently published articles, we were able to arrive at the findings listed below. We also understand from this project's chat transcript that you are interested in both the actual and expected length of stay.

ACTUAL LENGTH OF STAY

For the actual length of stay, the United States Census Bureau's report on the duration and tenure of residence proved most useful. Though the report was published in 2010 and a more recent version of the report is unavailable, the report shows how residential duration or the "length of time that people stay in one place" changed between 1996 and 2009. According to the Census Bureau, the report's purpose is "to see how tenure of residence and residential duration patterns for individuals have changed." Table 5 of the report shows that for renters in age groups 15-19, 20-24, 25-29, and 30-34, the median duration of current residence did not change that much between 1996 and 2009. There are differences between age groups, but between years, no significant changes can be observed. Below you will see the median length of stay, in years, of renters in the four age groups mentioned above.

Renters aged 15 to 19 years old
---
1996 - 1.9
2001 - 2.1
2004 - 2.0
2009 - 1.9

Renters aged 20 to 24 years old
---
1996 - 0.8
2001 - 0.9
2004 - 0.9
2009 - 1.0

Renters aged 25 to 29 years old
---
1996 - 1.1
2001 - 1.3
2004 - 1.2
2009 - 1.3

Renters aged 30 to 34 years old
---
1996 - 1.7
2001 - 1.7
2004 - 1.7
2009 - 1.6

From these figures, it can be observed that renters aged 15 to 19 tend to stay longer at the same residence than those aged 20 to 24. Renters aged 15 to 34 stay at the same place for one to two years. While the report has no figures specific to the cities of New York and Los Angeles, it can be seen from Table 5 of the report that, in 2009, the median duration in the Northeast (3.2 years) is higher than the median duration in the West (2.1 years). New York is in the Northeast region, while Los Angeles is in the Western region.

Given that the apartment rental market is not a new industry and the length of stay only slightly changed in the 13 years that spanned 1996 and 2009, it may be safe to assume that the length of stay will not change drastically, and at present, millennial renters, including those in New York and Los Angeles, will tend to stay at the apartment they are renting for one to two years, as well.

EXPECTED LENGTH OF STAY

How long millennials in the cities of New York and Los Angeles expect to stay at the apartments they are renting is not readily available in the public domain and could not be reliably triangulated, but the results of Apartment List's survey of renters provide a few helpful insights. It appears from the results of the survey that most millennials "expect to wait three years or more" before they buy their own homes. This marks a 53% increase in expected wait time from the previous survey. No information that indicates the expected length of stay at the same apartment could be found, however.

Through a survey it recently conducted on 24,000 renters, Apartment List learned that 80% of millennial renters want to buy a condo unit or a house. However, because of the costs that home ownership entails, millennial renters find it necessary to delay home ownership. According to Apartment List, of "millennials from Los Angeles to New York and everywhere in between," 16% plan to buy a home in the next two years, while 67% plan to wait for at least three years before buying a home. Millennials in Los Angeles, San Diego, San Francisco, San Jose, and Austin will need at least 19 years to save for a 20%-downpayment for a condo unit. The figures for 2016 are presented below, which were estimated from the chart shown in the article. This list shows when millennials intend to buy a home.

Within the following year — around 4%
1 to 2 years from now — around 12%
2 to 3 years from now — around 17%
3 to 5 years from now — around 32%
5 or more years from now — around 35%

In 2015, it was reported that people, regardless of age, typically rent for six years before purchasing their first homes. The median age of first-time home buyers, then, was 33.

IMPORTANCE OF FLEXIBILITY

Our research suggests that, in practice and in optics, millennials generally find flexibility a very important criterion in renting an apartment. As you may see below, millennial renters do tend to move about more than renters belonging to other age groups.

According to Jonathan Eppers, CEO and co-founder of mobile rental app Radpad that polled 20,000 millennial renters in the early part of 2016, "young renters are certainly leaning towards more flexibility." The following line in an article published by East West Bank in 2016 sums up nicely what millennials prefer when it comes to housing: "More flexibility and less commitment, more convenience and less commuting, more interconnectivity and less confinement — these are all trends that define millennials’ lifestyle and their preferences."

Millennials were described as long-term renters that desire living arrangement flexibility in an article published in 2016 on Appfolio.com, a site selling property management software. They want flexibility for cases where their work or a relationship makes it necessary for them to move.

Of respondents in Apartment List's survey that say they expect to always rent, 58% cited the flexibility that comes with renting as the reason.

And from Table 5 of Census Bureau's report, it can be seen that renters aged 15 to 34 tend to stay at the same residence for around one to two years only, while renters aged 45 and older tend to stay for a longer period of time, around three to seven years.

CONCLUSION

In summary, while there is not enough information in the public domain to address how long millennial renters plan to stay at the same apartment and if millennial renters in New York and Los Angeles behave differently, numbers and expert opinions demonstrate how much flexibility matters to millennial renters. Millennial apartment renters, including those in New York and Los Angeles, tend to reside at the same unit for one to two years only, while differently-aged renters tend to stay for a more prolonged period of time, about three to seven years. Millennial renters value flexibility as they want to be ready in case their work or relationship calls for a move.
Part
04
of five
Part
04

Millennial Employment: Local or Mobile?

According to Bureau of Labor Statistics, by 2020, Millennials will constitute 75 percent of the US workforce. Another forecast by International Data Corporation cites that by 2020, mobile workers in the US will constitute 75 percent of the total workforce. While the exact figure for the present mobile Millennial workforce is not available, but we can estimate (and expect) that by 2020, close to 75 percent of Millennials will be mobile workforce, which will be approximately equal to 78 million Millennials. (75% of 105 million).

Surveys on Mobility

One-fourth of the engaged Millennials are planning to quit due to impending changes in the geography. This is going to be the new reality, which the organizations need to take into account.

Millennials have increasingly become global with 84 percent of them saying that they are willing to relocate for a job. Out of this, 72 percent would like a domestic relocation and 41 percent would prefer an international relocation.

82 percent of Millennials believe that relocation is necessary for the career advancement.

An opportunity to relocate is also pushing them to delay life milestones like getting married or having a child. 71 percent are willing to postpone marriage and 72 percent are willing to postpone a child, to relocate to their dream cities.

In the case of domestic relocation, New York tops the list of cities, where the Millennials would like to relocate. And Paris tops the list for international relocation.

With some of these statistics, we will now provide a deep dive into the surveys that have been done in the recent past to study this phenomenon.

FINDINGS

As per an August 2017 report by Forbes, it was found that 74% of Millennials who like their jobs are planning to leave within the next three years. And one of the reasons for this is relocation.
According to the same survey, one in four Millennials is planning to quit a job they like. Again the reason is that they plan to relocate in the near future.

In a 2106 survey conducted by Wakefield Research, it was found that 84 percent of Millennials are willing to relocate for a job, and 82 percent believe that they will be required to relocate to advance their careers.

Reasons of mobility

Some reasons why Millennials prefer jobs that provide them with the freedom of mobility are:

1. They want to have multiple careers within the organization. According to the Bureau of Labor Statistics, the average young adult has held an average of 6.2 jobs by age 26. Though this report is from 2015, but it gives an insight which is worth mentioning.

2. They have a global mindset which makes it easier for them to decide on relocation. 80 percent of Millennials are willing to take a pay cut to live and work in their dream cities.

3. They prefer international assignments as they provide an opportunity to tackle new business challenges, broaden their perspective and cultural skills, as well as expand their professional network.

4. For Millennials, there is a high correlation between relocation and career enhancement. 82 percent of Millennials believe that relocation is necessary for career enhancement. And if they are in charge of hiring, then 83 percent will prefer to hire a person who has worked abroad.

5. They want to change fields. Despite liking their jobs, 74 percent plan to quit.

6. They want to relocate to live in their dream cities. New York tops the list of dream cities for Millennials, followed by (in order) Los Angeles, Miami, Seattle and San Francisco. London tops the list of global international locations followed by Paris, Sydney, Tokyo, and Berlin.

7. Money overrides experience for Millennials as 65 percent are willing to relocate to a foreign country for higher income, and the other 35 percent would relocate for experience.

Increasing need of transient apartments

With homeownership level of 34.5% for under 35 years old, Living as a Service (LAAS) is becoming a need as well as a preference for Millenials. The increasing penchant for mobility and to move quickly to take advantage of new economic opportunities has resulted in preference for affordable apartments with functional layouts. As per a report by Forbes, studio and single bedroom apartment now comprises 54.4 percent of all the rented properties. While renting such apartments, most important factor is rent. Millennials are willing to live in a smaller apartment with a better location.

Conclusion

By 2020, it is expected that 75 percent of the Millennial workforce will be mobile. Millennials are going to be mobile to seek global opportunities for career enhancement and to live and work in their dream cities. 84 percent are willing to relocate for a job, out of which 72 percent want to relocate domestically and 41 percent internationally. The impending change in geography will be a new reality which the organizations need to face, as Millennials would seek better opportunities, in their dream cities, and in their dream countries.
Part
05
of five
Part
05

Recent College Grads in NYC & LA

Educated millennials, defined as those age 25-34 with at least a bachelor's degree, tend to live more within the city limits of both NYC and LA, rather than the outer metro area. I also provided a list of the top 5 neighborhoods in NYC and LA for either college graduates or millennials based on the current number of graduates and millennials living in that area.

It was assumed that recent graduates would be searching for potential housing solutions.

NYC has about 134,591 annual graduates from 2-year and 4-year universities, while LA has about 64,116. With a retention rate of 74.2% for both 2-year and 4-year university graduates, an estimated 99,867 alumni are expected to stay in NYC after graduation.

For LA, a retention rate of 62.9% for 4-year university graduates means that an estimated 33,826 4-year university alumni are expected to stay in the LA area after graduation. Also, about 1 in 5 Los Angeles community college students are homeless.

Methodology

Although I was not able to find the exact number of college graduates in NYC and LA that need housing solutions, I was able to triangulate by assuming that recent graduates, in general, would be looking for potential housing solutions. By using the annual number of graduates in NYC and LA and their retention rates, I was able to estimate the number of local students searching for housing.

To find this information, I searched for articles on college graduate and millennial housing demands, as well as NYC and LA graduate statistics.

To get a general idea of the area of NYC and LA that graduates most likely move to, I used the population growth rate of the educated millennial population, defined as those age 25-34 with at least a bachelor's degree, of the core city limits and the outer metro.

I provided a list of the top 5 neighborhoods in NYC and LA for either college graduates or millennials based on the current number of graduates and millennials living in that area.

For NYC, 2-year and 4-year college retention rates were provided. For LA, just the 4-year college retention rates were provided due to the 2-year college retention rates not being provided in the study. Instead, I provided statistics on the number of community college students that were homeless in the LA area.

NYC Calculations

According to Rothwell at the Brookings Institution's Metropolitan Policy Program, NYC retains college (2-year and 4-year) graduates at a 74.2% retention rate and retains 4-year university graduates at a 71.1% retention rate.

The number of 2-year and 4-year graduates in NYC can be calculated using this data from 2015.

Private not-for-profit, 4 year or above -- 67,450
Public, 4-year or above -- 40,161
Public, 2-year -- 13,652
Private for-profit, 4-year or above -- 6,491
Private for-profit, 2-year -- 4,368
Private not-for-profit, 2-year -- 2,469

Total (47,450 + 40,161 + 13,652 + 6,491 + 4,368 + 2,469) = 134,591 degrees awarded in a year.

We can then get a rough estimate of the number of alumni that stay in the NYC area after graduation by using the retention rates.

134,591 * 74.2% = 99,866.5 (rounded to 99,867).

Therefore, NYC has about 134,591 graduates a year from 2-year and 4-year universities. With a retention rate of 74.2%, it is estimated that 99,867 alumni stay in the NYC area after graduation.

Millennial Population Growth Distribution in NYC

According to Forbes, there is a 20.81% population growth rate of educated millennials living in the core city. The metro area has a 14.19% growth rate, for a "ratio of core city growth to metro area growth from 2010-2015" of 1.47%. Thus, more educated millennials, defined as those age 25-34 with at least a bachelor's degree, choose to live in the core city limits of NYC.

StreetEasy also did an analysis on the most affordable rental areas for recent college graduates, and listed their top 5:

► Bedford-Stuyvesant
Bushwick
► Astoria
► Crown Heights
► Washington Heights

If looking for a roommate, then SpareRoom listed the top 5 "busiest neighborhoods by ZIP code for graduate room rentals:"

► Bedford-Stuyvesant/Bushwick/Ocean Hill (11221)
► East Village/Stuyvesant Town (10009)
► Bedford-Stuyvesant/Bushwick/Williamsburg (11206)
► Bedford-Stuyvesant/Crown Heights (11216)
Greenpoint/Williamsburg (11211)

Los Angeles Calculations

According to CS Monitor, about 1 in 5 Los Angeles community college students is homeless.

According to Rothwell at the Brookings Institution's Metropolitan Policy Program, Los Angeles retains 62.9% of 4-year university graduates. Unfortunately, data for both 2-year and 4-year college graduates were not provided for LA, so I will calculate just the number of 4-year university alumni that stay in LA after graduation.

Private not-for-profit, 4 year or above -- 22,257
Public, 4-year or above -- 26,911
Public, 2-year -- 8,586
Private for-profit, 4-year or above -- 4,609
Private for-profit, 2-year -- 1,618
Private not-for-profit, 2-year -- 135
Total 2-year and 4-year graduates (22,257 + 26,911 + 8,586 + 4,609 + 1,618 + 135) = 64,116

Total 4-year graduates (22,257 + 26,911 + 4,609) = 53,777.

We can then get a rough estimate of the number of 4-year university alumni that stay in the LA area after graduation by using the retention rates.

53,777 * 62.9% = 33,825.7 (rounded to 33,826)

Therefore, LA has about 64,116 graduates a year from 2-year and 4-year universities. With a retention rate of 62.9%, it is estimated that 33,826 of the 53,777 4-year university alumni stay in the LA area after graduation.

Millennial Population Growth Distribution in LA

According to Forbes, there is a 19.80% population growth rate of educated millennials living in the core city. The metro area has a 19.13% growth rate, for a "ratio of core city growth to metro area growth from 2010-2015" of 1.03%. Thus, more educated millennials, defined as those age 25-34 with at least a bachelor's degree, choose to live in the core city limits of LA.

According to Niche.com, the top 5 neighborhoods for millennials in LA, as measured by the current number of millennial residents, job opportunities, and more, are:

1. Beverly Grove
2. Los Feliz
3. Sawtelle
4. Fairfax
5. Mid-Wilshire

Conclusion

It was assumed that recent graduates would be searching for potential housing solutions. I was able to find data on students graduating from 2-year and 4-year colleges in NYC and LA. Using provided retention rates of alumni that stay in the city after graduation, I was able to calculate the number of 2-year and 4-year alumni that stay in NY (99,867) and 4-year alumni that stay in LA (33,826) after graduation. Millennials, defined as those age 25-34 with at least a bachelor's degree, are also more likely to live in the core city limits of both LA and NYC, rather than the outer metro area.
Sources
Sources