New data finds that younger renters are coming back into gateway cities such as New York and San Francisco.
The findings from RentCafe show that renting activity has returned to pre-pandemic levels, with a 13% increase during the first half of 2021.
Additionally, around 45% more renters applied for apartments in March compared to February. This spike is largely being driven by “Zoomers,” which RentCafe reports contributed to 39% of the increased apartment applications.
“In this case, the need for larger, better living spaces to accommodate working from home and a more comfortable lifestyle were the primary reasons that renters began searching for a new place,” the report states. “Notably, the highly competitive real estate market may also be a factor for some high-earners who are holding off buying in favor of renting.”