Gen Z and millennial renters are flocking back to cities like New York and San Francisco, according to new data from RentCafe.
Renting activity is officially back to pre-pandemic levels, registering a 13% increase in the first half of 2021 year-over-year. About 45% more renters applied for apartments in March than in February—a big jump, especially when compared with figures from the same time in 2018 and 2019, when applications rose just 23% on average.
And two groups of renters are behind the uptick, according to RentCafe: "Zoomers," who accounted for 39% of the increase in apartment applications, and renters earning more than $100,000.
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