Zoomers Saw a Significant Increase in Chicago Rental Market
Our friends at Rentcafe.com, undated us with the most current data. Click this LINK to see the full market analysis.
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