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Those that have "made it" are moving out of SF and the young and hungry are moving in. SF has seen a wave of Gen Z inbound recently. I'll take that trade anytim

Those that have "made it" are moving out of SF and the young and hungry are moving in. SF has seen a wave of Gen Z inbound recently. I'll take that trade anytime. "the number of rental applications by people who fall into Gen Z (defined as those born between 1997 and 2012) have increased by 21% in the past year. Meanwhile, as we just discussed, rental applications from every single other generation have been lessening. Millennials, for instance, saw an 8% decrease in rental activity... Between 2020 and 2021, people who fall into Generation Z were filling out 21% more leases nationwide, as compared with the year before. When that search is narrowed to San Francisco, Rentcafé says those 20-somethings had a 101% increase in rental applications. They now make up more than a fifth of all people looking to lease in SF." https://sfist.com/2022/03/22/san-francisco-is-getting-younger-gen-z-flocking-to-the-bay/ https://sfist.com/2022/03/22/san-francisco-is-getting-younge...

antiverse 4y ago
Majestic take. More than likely, the ones that "made it" are staying where they are, having bought whatever property they've been able to and are now renting it out to the Gen Z'ers to pay it off. The older generation, wisely, realizes there's no future there and have ended their rental terms to go elsewhere where they can actually afford to buy something, not having gained any real estate ownership of their own. Calling Gen Z'es "hungry" in this instance is, God bless their hearts, insulting to common sense and rationality of things at play here.
- jethro_tell 4y ago
  I think there's a middle ground. I'm sure gen Z is hungry. Good chunks of every generation are, on the other hand, counting rental applications is a little odd. There's a good chunk of millennials that are settled. They aren't moving in or out. an 8% drop for a generation that is about to turn 40 during a 2.5% interest rates seems a lot like a few people collected the cash to buy the homes and aren't renting any longer. But we'll never know because this is a single stat in a whole sea of stats regarding housing by generation. *edit, I mean, we could know, we could go out there and find meaningful data to get a full picture of what's going on but I don't really care that much. Just saying that looking at one stat and crafting a wonderful narrative is pointless.
- onlyrealcuzzo 4y ago
  > The older generation, wisely, realizes there's no future there and have ended their rental terms to go elsewhere where they can actually afford to buy something, not having gained any real estate ownership of their own. Wise > No Future > Makes biggest investment there anyway. Does not compute.
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bastawhiz 4y ago
> the number of rental applications by people who fall into Gen Z (defined as those born between 1997 and 2012) have increased by 21% in the past year. Is this surprising or useful? Most folks get their first apartment around age 21. Right now, that means there's roughly four years of Gen Z renting apartments. If the oldest members of Gen Z are 25, an increase of 21% is... pretty much exactly how many people you'd expect to be getting old enough to lease their first apartment in one year. > Between 2020 and 2021, people who fall into Generation Z were filling out 21% more leases nationwide, as compared with the year before. And this is less than you'd expect. If the oldest Gen Z is 25, two years ago they'd be 23. One new year of college grads should yield a 30-50% bump. But the pandemic happened. > When that search is narrowed to San Francisco, Rentcafé says those 20-somethings had a 101% increase in rental applications. Again, not super useful. Most 20-somethings leasing apartments during those years are definitionally millennials (and probably still are!). The pandemic changed who was looking for housing and who they lived with, and the change as it affects SF in 2020 is probably not a usual trend. > They now make up more than a fifth of all people looking to lease in SF If we assume teenagers aren't leasing apartments, this is again no surprise. If every decade of people (20-somethings, 30-somethings...) made up an equal share, this is very reasonable up to the average life expectancy. People lease less as they get older, which skews the numbers towards younger generations. I'm sure you could look up the numbers and find out the exact distribution, but 20%+ of renters being in their 20s seems...ordinary. Maybe even a bit low.

antiverse 4y ago

Majestic take. More than likely, the ones that "made it" are staying where they are, having bought whatever property they've been able to and are now renting it out to the Gen Z'ers to pay it off. The older generation, wisely, realizes there's no future there and have ended their rental terms to go elsewhere where they can actually afford to buy something, not having gained any real estate ownership of their own. Calling Gen Z'es "hungry" in this instance is, God bless their hearts, insulting to common sense and rationality of things at play here.

jethro_tell 4y ago
I think there's a middle ground. I'm sure gen Z is hungry. Good chunks of every generation are, on the other hand, counting rental applications is a little odd. There's a good chunk of millennials that are settled. They aren't moving in or out. an 8% drop for a generation that is about to turn 40 during a 2.5% interest rates seems a lot like a few people collected the cash to buy the homes and aren't renting any longer. But we'll never know because this is a single stat in a whole sea of stats regarding housing by generation. *edit, I mean, we could know, we could go out there and find meaningful data to get a full picture of what's going on but I don't really care that much. Just saying that looking at one stat and crafting a wonderful narrative is pointless.
onlyrealcuzzo 4y ago
> The older generation, wisely, realizes there's no future there and have ended their rental terms to go elsewhere where they can actually afford to buy something, not having gained any real estate ownership of their own. Wise > No Future > Makes biggest investment there anyway. Does not compute.

deleted 4y ago

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bastawhiz 4y ago

> the number of rental applications by people who fall into Gen Z (defined as those born between 1997 and 2012) have increased by 21% in the past year. Is this surprising or useful? Most folks get their first apartment around age 21. Right now, that means there's roughly four years of Gen Z renting apartments. If the oldest members of Gen Z are 25, an increase of 21% is... pretty much exactly how many people you'd expect to be getting old enough to lease their first apartment in one year. > Between 2020 and 2021, people who fall into Generation Z were filling out 21% more leases nationwide, as compared with the year before. And this is less than you'd expect. If the oldest Gen Z is 25, two years ago they'd be 23. One new year of college grads should yield a 30-50% bump. But the pandemic happened. > When that search is narrowed to San Francisco, Rentcafé says those 20-somethings had a 101% increase in rental applications. Again, not super useful. Most 20-somethings leasing apartments during those years are definitionally millennials (and probably still are!). The pandemic changed who was looking for housing and who they lived with, and the change as it affects SF in 2020 is probably not a usual trend. > They now make up more than a fifth of all people looking to lease in SF If we assume teenagers aren't leasing apartments, this is again no surprise. If every decade of people (20-somethings, 30-somethings...) made up an equal share, this is very reasonable up to the average life expectancy. People lease less as they get older, which skews the numbers towards younger generations. I'm sure you could look up the numbers and find out the exact distribution, but 20%+ of renters being in their 20s seems...ordinary. Maybe even a bit low.