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According to data released recently, household demographics are changing in the Portland-metro area. Families are shrinking and more people are living alone. Meanwhile, young professionals are continuing to flock here.

The demand for large, suburban homes is dwindling. And one developer is altering his business model in response.

鈥淵ou鈥檙e seeing an in-migration of those wanting to sell their houses,鈥� said Clyde Holland, CEO and chairman of in Vancouver, Wash. 鈥淔orget having to mow and weed on the weekend: Let鈥檚 just go get a condo some place and let someone else worry about it.鈥�

Two decades ago, Holland built suburban, garden-style apartments almost exclusively. Today, his company is focused solely on multifamily infill projects in the urban core.

Last year, Holland Partners broke ground on several such projects in Oregon, Washington, California and Colorado. The two largest are a 457-unit project in Huntington Beach, Calif., and the 324-unit Brenchley Estates in Wilsonville.

Charles Rynerson, a research faculty member of the , said the two largest age groups in Oregon are people between 50 and 54, and 55 and 59. As their children move out, he said, many of those people are unloading their large homes in favor of smaller, close-in apartments. Some are either divorced or widowed and are living alone.

Holland and others are responding to the needs of that group, but it鈥檚 not their main target.

鈥淭here鈥檚 a whole bunch of younger people from 25 to 35 years old, and at the end of the day that鈥檚 the proverbial group that everybody is going after,鈥� said Sam Rodriguez, managing director of .

Mill Creek is building two separate apartment buildings (one with 179 units and one with 135) in the Pearl District, as well as a 367-unit apartment complex in Tualatin. The company expects to start a 134-unit project in Goose Hollow next year.

Rodriguez said he and other developers are targeting young professionals who earn between $60,000 and $75,000 a year. He said they represent roughly 15 percent of the population; Holland thinks that number is likely to grow.

鈥淧ortland has the highest in-migration of any city in the nation, (age) 26 to 40 with college degrees,鈥� he said. 鈥淭hat鈥檚 really a great element.鈥�

According to Heitman, a global real estate investment firm based in Chicago, the Portland-Vancouver-Beaverton area ranked as the 15th most educated metropolitan area in the nation, with nearly 35 percent of people age 25 or older holding bachelor鈥檚 degrees. In the same category for states, Oregon ranked 19th.

Mary Ludgin, managing director and director of investment at , said those young professionals also provide a greater level of 鈥渟tickiness鈥� for Portland鈥檚 rental market 鈥� meaning they鈥檙e likely to stay put once they get here.

鈥淧rimarily, the number one tenants that we have are young, upwardly mobile but not-quite-getting-there-yet adults,鈥� said David Mullens, project manager for Creston Homes.

Creston is developing two Hollywood District apartment projects (one with 47 units and one with 41), as well as a 71-unit project at Southeast Morrison Street and 20th Avenue. Mullens said prospective tenants in this tight rental market want clean, affordable, close-in living quarters 鈥� and they鈥檙e willing to sacrifice space.

But Mullens isn鈥檛 banking solely on young professionals. He said Creston is including elevators in every new project in order to cater to an older group.

鈥淲e think that yes, there鈥檚 enough demand for this product with all different age groups, and we think an elevator is good insurance,鈥� Mullens said.

Holland said that older renters, given a choice, also increasingly want to live alone, which translates into smaller floor plans.

A survey by the National Association of Home Builders backs that up. It reported that the median size of completed single-family homes peaked in 2007 at 2,263 square feet and has since decreased steadily.

Gerald Mildner, director of , said he questions whether that trend will continue. He said that as Americans age and make more money, they generally prefer more private living space.

But Holland thinks a pivotal change in values is taking place. People formerly cherished their large homes and garages, he said; however, today, they appreciate a home鈥檚 access to the rest of the community.

鈥淚 want to be able to walk to 10 restaurants; I want to be able to go to a couple bars,鈥� Holland said. 鈥淚 want to be able to hang out. I want to be able to ride the MAX, take it across town to my job or walk to my job. And I don鈥檛 want to spend any time commuting because I want to have more time for me or more time for work.

鈥淵ou can talk about the cost of an automobile and all that, but what鈥檚 really expensive is your time.鈥�