More and more millennials are renting because they have to

As more millennials seek to become first-time home buyers in this extremely competitive pandemic market, many are finding that renting i...


As more millennials seek to become first-time home buyers in this extremely competitive pandemic market, many are finding that renting is the only option – even if they have the income and down payment to make a purchase. . A recent study by RentCafĂ© found that high-income millennials (with an annual income of over $ 50,000) submitted 39% of all rental apartment applications in 2021, their largest share in five years.

Millennials aren’t the only ones to hire more, but their share of applicants for hire has grown 20% year on year, eclipsing the 12% growth among Gen Xers and the 7% among Baby Boomers reaching the same. income threshold. But they’re used to it: Millennials graduated from high school in the late 2000s, just as the real estate market was crashing, then faced a tough job market and debt. crippling student loan loan after college. Now many are is experiencing high inflation for the first time in their adult life.

The RentCafe study found that high-income millennial renters preferred small towns (with a population of less than 300,000), which are often the target of first-time buyers. Of the top 15 cities ranked by rental demand growth in the study, 11 were small; three were of medium size (population 300,000 to 600,000); and only one was tall. The strongest year-over-year growth in rental applications was 83% in Macon, Georgia, with a population of 153,000.

To draw its conclusions, RentCafe analyzed 5.9 million rental inquiries from RentGrow, Inc., covering approximately 40,000 apartment communities. This week’s chart, based on the study, shows the 15 cities where applications from top-earning millennials increased the most.

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