New data from RentCafe, featured in WealthManagement.com, shows that Gen Z renters—a demographic group under the age of 25—are moving back to major cities.
RentCafe shows that the number of rental applications from Gen Z individuals rose overall by 21 percent between 2020 and 2021, compared to an increase of just 10 percent for renters of all generations during the same period.
After headlines signaling throughout the pandemic that major metros such as New York and San Francisco would see a permanent exodus due to more acceptance of remote working and other factors, these two cities rank in the top 3 for Gen Z renter influx in the last year.
Some may even say cities are back with a vengeance: San Francisco has seen a 101% increase in rental applications from Gen Z renters year-over-year. Los Angeles, Seattle, and Boston also round out the Top 10 cities of interest for this young group of renters.
See a slideshow of the full list of cities Gen Zers are flocking to at WealthManagement.com.