The Lease They Can Do: Gen Z Renters See Montco/Philly Region as Residential Market of Choice

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Image via Anastasia Shuraeva at Pexels.
Gen Z renters are choosing Philadelphia as a residence of choice, improving the local economy along the way.

After spending a year in their hometowns due to the pandemic, Gen Z is coming in a growing number to rejuvenate Montco and the Philadelphia region. The city is now fourth nationally among the top trending destinations for Zoomer renters. Andrea Neculae tracked the migration for RentCafe.

According to RentCafe, Gen Z activity in the Philadelphia region has increased significantly in one year, making Zoomers currently the only active generation of apartment seekers.

This year’s young renter influx also continues the trend of population increases in the City of Brotherly Love over the past decade, with growth in the share of young renters at 61 percent.

In 2021, more than a quarter of all rental applications came from Gen Z. While in 2020, 17 percent of applications came from Zoomers, that total rose to 27 percent in 2021. This is the only generation that saw an increase in the share of renting applications, thus paving the way to becoming the largest renter group.

The share of young renters is also growing statewide, with the Gen Z renter cohort having increased from a 20 percent share to 25 percent in Pennsylvania.

Read more about the trendiest Zoomer hotspots in Montgomery County and Philadelphia area at RentCafe.

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