Study reveals how Millennials affect apartment renting market

The company surveyed over 1,000 millennials renting apartments in urban areas

Millennials

Study reveals how Millennials affect apartment renting market. Source: pixabay.com

According to Quicker, 93% of Millennials have stayed in their city of residence since the start of pandemic, while 37% are thinking of moving away in 2021.

However, Millennials wouldn’t move all at once, but in waves over the next 12 months, suggesting a gradual exodus.

Meanwhile, 47% of the respondents indicated a definitive plan to stay in their cities long term and 16% weren’t sure. In addition, 34% of them are currently working remotely, offering more flexibility in where they choose to live.

Millennials living in cities have been spending a substantial amount of their income on rent — the rule of thumb suggesting one-third of a person's pre-tax income be spent on housing isn't always realistic in highly sought-after urban locations. COVID-19 is expected to have a lasting financial effect on this generation, and we're starting to see that as millennials reconsider their living situations
Linda Itskovitz, VP, Marketing and Sales at Quicken

The report states that 48% considering a move from their city cited COVID-19 related reasons. That’s because they no longer enjoy social and recreational activities, or no longer need to be in an office. Job and pay cuts and not wanting to use public transportation are among their top reasons for wanting to move away.

For 50% of the Millennials that is the cost of living, whereas 24% cite concerns about safety. Among them, 46% want more living space and 37% even consider buying a house.

We’ve reported that more millennials are falling victim to scams designed to trick them into handing over cash to fraudsters than any other age group.

SEE ALSO: