Zoomers Saw a Significant Increase in Chicago Rental Market
The overall renting activity went up by 13% nationwide in the first half of 2021 compared to the same time last year, and two groups of people are primarily responsible for it – Gen Zs and high-earning renters, as shown by our analysis of 2.5 million rental applications.
Here are the highlights for Chicago:
- The city’s overall renter activity jumped by 38% in the first half of 2021 compared to the same time last year.
- Chicago had 80% more applications coming from apartment dwellers from neighboring cities and other corners of the country (Baltimore, Indianapolis, and New York). While new people were apartment hunting in Chicago, 46% more residents were moving out.
- The youngest generation of renters, Zoomers, saw a significant increase in applications for apartments – a whopping 93% compared to last year. Gen X (39% jump compared to last year) and Millennials (31%) follow behind.
- Chicago is going against the national trend when it comes to income, as renters earning between $50K-$75K a year were among the most eager to switch apartments. The number of applications from renters making this much money spiked by 70% since last year.
See more at rentcafe.com