Right now there is a huge surge of Millennials moving from the Bay Area to Sacramento, which is driving up prices and rents like you wouldn't believe.

Millennials, move-up buyers, 50+, who? 

Maybe Indy can develop more workspace entrepreneur thinktanks, that would be a great way to lure in the millennials (that and brew pubs, Indy has great pubs!)

Interesting article on the future of REI and the changing rental market from Morgan Stanley.https://www.morganstanley.com/ideas/millennials-generation-z-housing?

I work in downtown Hartford and can attest to the developers trying to attract more millennial's in their apartment buildings.

Be on the lookout for the same thing to happen to Stockton in another decade as long as the city's leadership stays on track and doesn't run itself into a ditch like it did the previous two decades.Eventually Sacramento will get pricey too, and if Stockton pulls off their Open Window Project and turns around the downtown scene, it'll be the last spot in Northern California for affordable housing that Bay Area millennials will be willing to stomach.

Be careful of your investor friend saying he only rents to millennial s  in a hot neighborhood.?  

Also the age group buying these homes most of the time are 35+ i don't consider them to be millennials like yourself and me. 

I've also written more in-depth about this migration trend here if you're interested:https://www.biggerpockets.com/forums/621/topics/396725-millennial-migration-to-sacramento-2017---here-comes-the-rushAnyhoo, Sacramento City Councilman Steve Hansen recently held a town hall meeting to discuss the issue and over 100 people showed up to the event. 

We're already seeing millennials being unable to purchases houses due to student debt, so if interest goes up they are even more likely to be out of the market.This is leading many to move over to multi-tenant properties as they usually are the last to go in a downturn, and the first asset class to make a comeback.