Young renters are flocking to big cities with lucrative job markets and ample social amenities, belying the 'urban exodus' myth.
"Currently representing over a quarter of lease applications nationwide, Zoomers are swarming large urban hubs that promise job opportunities, bringing new life into cities that were once considered doomed due to the pandemic." Andrea Neculae reports on new data from RentCafe, which shows that "Nationwide, the number of applications for apartments from renters of all generations increased by an average of 10% year over year, from 2.9 million applications in 2020 to 3.2 million in 2021."
The youngest renter group is driving the rise in the rental rate. "Meet the next Zoomer hotspots: San Francisco; Jersey City; Manhattan; Philadelphia; and Boston saw the sharpest spikes in lease applications from the youngest generation of adults, with increases of up to 101% in the past year."
Despite high costs, Zoomers are flocking to large urban areas: "The #1 trendiest city for Generation Z, San Francisco logged the greatest increase in Zoomers who moved into new apartments in 2021, at 101%." The second most popular city was Jersey City, followed by Manhattan, Philadelphia, and Boston, with the Northeastern tri-state area holding strong as one of the country's hottest rental markets. Neculae outlines the factors that make big cities attractive, including vibrant job markets and fast and reliable internet infrastructure.
FULL STORY: Trendiest Zoomer Hotspots in 2022: Gen Z Renters Are Giving Big Cities a Glow Up
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UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research