Hello Summer 2022!
This past year has presented unique and unprecedented challenges for us all. Many of
us are seeking a glimmer of normalcy and are eager to embark on all that Summer
2022 has to offer. RENEW remains committed to empowering and elevating women
and all diverse professionals in the commercial real estate industry. Building and
maintaining this network of talented and brilliant female professionals is more important
than ever.
We on the Board appreciate each and every one of you and can’t wait to get together
in the coming weeks. We encourage you to remain active RENEW members even
while the world looks a bit different. Visit our website to RENEW your 2022-2023
membership.
JUNE Events
Coffee with RENEW
Please join the women of RENEW for coffee and conversation at our June 2022
Washington DC event. Knowing that people have different work start times, the
coffee event will take place from 8AM to 10AM. Please join us at any time during
that duration.
Register here: https://renewcre.com/events/coffee-with-renew-dc-2/
Location: Northside Social (3211 Wilson Blvd Arlington, VA 22201)
Date: Wednesday, 6/22/2022
Time: 8:00 am – 10:00 am
JULY Events
Happy Hour with RENEW
Please join the women of RENEW for Happy Hour with a great cause! The event
will take place in July at a rooftop bar in Washington DC. The event will be
sponsored with food and drinks and attendees will be asked to give a suggested
donation at the door.
Location: TBD
Date: TBD
Tell us your accomplishments!
We want to celebrate you! If you are a member, send us your accomplishments,
accolades, etc. to be included or highlighted on our website and social media pages.
Let us help you get the recognition you deserve!
Scholarships
We are pleased to announce that RENEW is now accepting Scholarship Applications for the 2022–2023 school year.
Interested individuals should complete the application by June 17, 2022 and submit to info@renewcre.com. Scholarship
Award winners will be announced and awarded by July 23, 2021. Awards will be based upon academic merit,
demonstrated interest in Real Estate or Finance, extracurricular and community involvement. Application Criteria
includes: • Interest in Finance, Real Estate, or related coursework • Enrollment in an Undergraduate or Graduate program for the 2022-2023 academic year • Minimum GPA – 3.0 • Completed application including certified transcript and letter of recommendation
https://renewcre.com/wp-content/uploads/2022/03/RENEW-Scholarship-Applicant-Form_2022-2023.pdf
INDUSTRY NEWS:
From The Globest. How Gen Z Renters Might Reshape Multifamily
May 18, 2022
Gen Z is surpassing millennials as the largest renter cohort dominating the multifamily market, which
has comprised 42% of all CRE sales since the start of the pandemic, according to a new Cushman &
Wakefield and Greystone report.
The sector has been favored by strong supply-demand fundamentals, as US household formation hit
1.3 million in 2021 and is projected to hit a peak of 1.5 million in 2023. The report analysts note that
the rental sector could absorb a “higher than usual share” of that new demand due to low inventory
and home affordability challenges. Low vacancy and solid rent growth are predicted in the near term,
especially in the Sun Belt.
And “as the multifamily market undergoes a demographic transition, Generation Z (those born
between 1997 and 2012) will quickly supplant millennials as the largest renter cohort,” Cushman
experts note in a new report. And “this is just the beginning. By 2025, Millennials and Generation Z
will represent the same percentage of renters and by 2030, Generation Z will be kings of the
‘renterverse.’”
Gen Z renters are also fueling growth in the build-to-rent space: according to Noam Franklin, a
member of Berkadia’s JV Equity & Structured Capital team, 43% Gen Z respondents prefer singlefamily living to apartment living.
“According to survey data from the National Apartment Association, 43% of Generation Z wants to
rent single-family homes following the completion of their university education. With the current age
range of Generation Z spanning six to 24 years old, the first wave of this cohort is just now starting to
make an impact on rental housing demand,” Franklin told GlobeSt.com.
Demographics suggest the renter population will grow more slowly over the next decade, and “it
follows that multifamily owners and operators need to be increasingly focused on attracting and
competing for this new generation of renters.” A Freddie Mac survey of Gen Z respondents shows
that while 82% of respondents want to eventually own a home, 92% believe that home prices are
“significant hurdles” to homeownership. And 68% of respondents believe renting is more flexible than
owning, while 63% say it’s less stressful.
The report experts also say sustainability is likely to become more important to multifamily as Gen Z
gains ground among the overall renter cohort.
“While location, price and building quality will still largely determine Generation Z’s rental decisions,
sustainability at the building and unit-level will offer ways of differentiating rental offerings,” the report
notes. “As Generation Z grows older and wealthier, they will have more budget to allocate towards
their environmental values, so sustainability will remain key.”
FIRESIDE CHATS
A Note From Co-President Alicia Cotton-Doney and Kristen Reilley
Spring is in full effect and we are full of optimism. Financing
commercial real estate is proving to be challenging with rising
interest rates and falling cap rates, but business is still getting done.
We have heard from some of our members who have had
extraordinary successes and we are excited for them and their impact
on our industry. We are all slowly but surely getting back into our
routines of being in the office and seeing our colleagues on a regular
basis. While we have been able to stay connected at our virtual
events, it has been nice to get a chance to see some of you at our
events in person. We are planning more coffee hours, rooftop happy
hours, and are even hopeful to get our fall signature events back on
track this year. Next quarter will see us awarding five more
scholarships to some amazing women and we are thrilled to see the
talent that is soon to take this industry by storm.
As always, we thank you for your continued support and look
forward to seeing you in the summer.
Alicia and Kristen
