Applications for U.S. apartments from renters of all generations increased by an average of 10 percent year over year from 2.9 million applications in 2020 to 3.2 million in 2021, according to Yardi’s RentCafe. The increase in activity was mainly driven by the youngest renter group, the oldest of whom are 25 years old.
San Francisco; Jersey City; Manhattan; Philadelphia; and Boston were the top five cities for lease applications from the youngest generation of adults, with increases of up to 101 percent in the past year. Like their Millennial peers, who headed for the big cities in the years following the Great Recession, Gen Z renters are now moving to large urban areas that provide job opportunities and a vibrant social scene.
