Business

Study: Peoria becoming popular for Gen Z renters

Posted 4/10/22

Peoria is one of the top places to rent for members of Generation Z, or those born between 1997 and 2012, according to a new study.

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Business

Study: Peoria becoming popular for Gen Z renters

Posted

Peoria is one of the top places to rent for members of Generation Z, or those born between 1997 and 2012, according to a new study.

The study, conducted by RentCafe, placed Peoria as No. 11 on their list of trendiest hot spots to rent for members of Generation Z, which make up more than a quarter of apartment seekers nationwide.

San Francisco topped this list, followed by New Jersey, Manhattan, Philadelphia and Boston.

Members of Generation Z, affectionately known as “zoomers,” are children of Generation Xers, generally speaking.

Peoria-based Realtor Rebecca Durfey said it makes sense the city ranked No. 11 on the list, with “Zoomers” trending toward renting homes in some of the more socially active and trendy areas of the U.S.

She said Peoria has gained a reputation for being a place that can accommodate most any social scene, offering cultural options, entertainment, night-life and fine dining.

The trend, however, is not only to take advantage of entertainment opportunities, she said.

“Peoria offers convenient access to all corners of the Valley, making it a great location for those who work in the East Valley, the West Valley and/or attend one of the universities,” she said. “In talking with my Zoomer clients, I hear over and over that the cost of housing in Peoria is unaffordable but the desirability of the city is greater than ever. It is clear that our Zoomers appreciate all the city has to offer, so they find other ways to make Peoria home.”

More and more people are turning to rentals due to the out-of-reach housing market.

The monthly median sale price, for example, is up 28.6% from this time last year, and the median cost of a home in Arizona is currently $450,000, according to recent numbers from the Cromford Report taken from the Phoenix metro residential real estate market, March 9, 2021, through March 9, 2022.

Making it even more difficult to wrangle a home, the little inventory that is available continues to be snatched up quickly — 50% of the listings that went under contract in March were on the market for seven days or fewer, according to the report.

Durfey said that as multi-family housing becomes more available, the trend toward apartments will gain strength.

“If the housing market continues to increase in price and affordability decreases, it might be that we see more Xers, boomers and zoomers jumping on the rental bandwagon,” she said.

RentCafe.com is a nationwide apartment search website and a part of Yardi Matrix, which researches and reports on multifamily, student housing, office, industrial and self storage properties across the United States, according to its website.

For this study, rental application data was sourced from RentGrow, Yardi’s tenant screening service.

This RentCafe study analyzed rental application data from January through October 2021 compared to January through October 2020. Applicants of Gen Z age refer to adult applicants only. The analysis was based on data from 3.2 million rental applications from RentGrow, Inc. for approximately 44,000 rental communities nationwide.

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