Austin, Texas, has become the most sought-after city among millennial renters this year, according to a new study from RentCafe, a nationwide listing service for renters. Millennials have overtaken baby boomers as the largest generation in the U.S. to date. They also make up the majority of the workforce. So the real estate industry has always watched where they call home.
RentCafe analyzed 13 million renter applications nationwide to identify the cities where millennials represent the highest share of those who applied for apartments. The study focused on large and midsized cities, where millennials represent 38.5% of applications.
Over the past five years, the biggest millennial rental hubs have been Seattle, San Francisco, Austin, Houston, and San Antonio.
However, Austin’s rise in popularity this year has made it a millennial hot spot. Half of the total rental applications from and to the Texas city are by millennials, RentCafe notes.
Source: “The Hottest Cities for Millennial Renters: Austin Challenges Seattle for the Throne,” RentCafe.com (Oct. 15, 2020)
