SAN FRANCISCO (KRON) -- A new study finds that Gen Z, those born between 1997 and 2012, have been moving back to big cities.
Rentcafé, a real estate listing firm, found that the volume of rental applications by Gen Z rose 21% over the past year while applications from all other generations declined. The age group applied for more rentals in San Francisco last year than any other city in the country.
According to the report, Gen Z is specifically targeting two bay area cities: San Francisco and San Jose.
San Francisco is the highest city when it comes to Gen Z rental applications. Meanwhile San Jose also made it on the top ten list coming in at number seven.
"Over the past week we noticed that we're getting a lot of calls," a broker at Rental SF Jackie Tom says. "People wanting shorter term rentals, people wanting to move in in the summer time, June, July time and they're planning ahead for their moves"
Tom says she was not aware of the increased size of rental applicants.
According to Rentcafé San Francisco saw a 101% surge of gen z rental applications between 2020 and 2021. Gen Z rental applications rose by 21% across the country in the same year.
If that trend continues, Tom says it would help fill many of the vacancies that still exist
However, she doesn't expect rent to spike to pre-pandemic levels any time soon.
Apartment List's latest report on rent prices in the city, shows that rent through February 2022 in San Francisco increased 0.8% month-over-month, compared to a 0.6% decrease nationally.
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