While most of Gen Z has not begun to invest in real estate, this generation of renters is gravitating to urban cores.
, there was a 21 percent year-over-year increase in renting activity by Gen Zers in 2021. They are flocking to large urban areas that offer thriving social scenes and job opportunities – giving cities a boost after the exodus of spring 2020.
“All that requires high public and private investment only available in major urban centers, making the city a practical place to be.”San Francisco saw the biggest influx of Gen Z renters, with applications seeing a 101 percent y-o-y increase. Gen Zers account for about one in five renters in the city.
Seattle and San Jose, CA – two cities which, like San Francisco, are known for their tech industries – both saw 52 percent more Gen Z renters. According to Coldwell Banker, high-net-worth millennials are also returning to big cities. The oldest in this cohort, “golden millennials” ages 35 to 40, own 60 percent of all millennial-owned properties and tend to gravitate towards secondary cities and suburban areas such as Atlanta or Seattle .
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