Despite inflation pushing up multifamily rents, a new study from Zillow found that apartment affordability for Gen Z renters has improved slightly compared to a decade ago. While the percentage of young adults spending more than 30% of their income on rent has decreased since its peak in 2011, the share remains high, with nearly 60% of Gen Z renters nationwide still struggling with rent burdens. This burden is even heavier in 21 of the country's 30 largest metros.

"Rent burden makes it a struggle for these young adults to afford other expenses in their lives—things like student loans and medical payments," Zillow Senior Economist Kenny Lee said. "The experience of struggling to pay rent on an entry-level salary is familiar to so many of us that it's almost become normalized in our society."

Zillow's comparison with the 2012 American Community Survey shows that 60.2% of young adults spent more than 30% of their income on rent in that year, peaking at 62% in 2011. The percentage gradually declined to 55% by 2019, before climbing again due to a post-pandemic surge in demand and limited new supply.