Perhaps it should not come as a surprise that Gen Z, the youngest cohort of renters, is also the group most likely to move within two years of settling into an apartment. And they make up 72% of what a new study by RentCafe calls “hyper-movers.” By comparison, just 43% of millennials move that often.
In four out of 10 cases, Gen Z tends to move to a different apartment in the same area. RentCafe labels cities that tend to attract new residents as “move-easy metros,” and Austin leads the pack. Over 50% of its renters transferred to a different apartment in the area within 24 months between 2018 and 2023 – a period when many Gen Zers entered their prime renting years.
Other factors may have also encouraged Gen Z moves, especially for renters in the early stages of their careers. “The ongoing economic uncertainties, shifting housing needs driven by the pandemic (like needing extra space to set up a home office), and fluctuating remote work policies likely added further layers, encouraging or prompting frequent moves,” the report noted.
By comparison, just 27% of Gen X and 20% of Baby Boomers frequently move.
Twelve of the top 30 metros with very high residential mobility rates were in the Southeast, with Charleston seeing the greatest increase. RentCafe hinted that this is because of the metro’s strong and diverse job market, which serves industries like tech, aerospace and tourism, encouraging the search for better apartment options. Other Southeastern hotspots are Fort Myers, Chattanooga, Jacksonville, Raleigh, Charlotte, Nashville and Sarasota.
Among the 20 metros across the country, the areas most likely to experience renter turnarounds are Provo, UT – where 60% move within two years, Fayetteville, AR, Denver, Salt Lake City, Boise, Colorado Springs, Orlando and Des Moines, IA – the only Midwest location in this elite group.
The report noted that the hottest rental markets see fewer renters making quick moves. “This declining trend in quick moves in very competitive rental markets boils down to two main factors — occupancy rates are sky-high and more people are renewing their leases,” the report commented, while noting the hassle of moving from place to place.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.