In San Francisco, 48.7 percent of those applying for apartment rentals over the past five years    have been millennials. For the moment, firms like Twitter and Squarespace have decided to shif to the work-from-home model permanently, but not all technology companies in the Bay Area have followed suit. For this reason, San Francisco should remain a top target for millennial renters, especially because the area had the second fastest-growing incomes in the nation in the last 10 years, according to RENTCafé, meaning young professionals will continue to aspire to live there. 

Around 48.1 percent of new renter applications in Austin come from millennials, according to the RENTCafé report. The prime southern hub for high tech firms, the city has seen explosive population growth over the past several years, partly due to its relatively low cost of living compared to other major cities. In addition, Tesla is building a plant near the area that will employ around 5,000 people. That’s expected to fuel additional household formation in the area.

In Houston, 45.6 percent of new renter applications have come from millennials, according to RENTCafé. Entering this year, the city had an unemployment rate of 3.8 percent, but that has skyrocketed to 14.7 percent as numerous jobs were lost in March and April. So far, lower-tier apartments in suburban Houston have been more resilient during the pandemic, as remote working has led renters outside the city core, according to a Marcus & Millichap report on Houston. Average effective rents in the city in the second quarter of 2020 fell by 1.2 percent to $1,113 per month. 

Close to 45 percent (44.8 percent) of new renter applications in San Antonio over the past five years came from millennials, according to RENTCafé. That report mentions the city “boasts a diverse economy, below-average unemployment rates and an affordable housing market.” Approximately apartment 1,500 units were completed here in the second quarter, which was the largest quarterly delivery in nearly two years. But average effective rent dropped by 0.7 percent to $1,005, according to Marcus & Millichap data.

Strong local markets in the South, including Charlotte, are expected to benefit from a V-shaped recovery, according to Marcus & Millichap. The report goes on to mention that “among investment real estate, industrial properties and apartments could rebound quickly if re-openings proceed unimpeded.” Around 42.9 percent of new renter applications in the Charlotte area were from millennials, according to RENTCafé.

Although Denver has historically drawn millennial renters from across the country, rental applications show the “vast majority of Denver apartment tenants since 2015 are coming from surrounding suburbs,” according to the Denver Post. Close to 42.2 percent of new renter applications in the city were from millennials. Professional services firms, which account for roughly 20 percent of Denver metro’s workforce, have managed to avoid large-scale staff reductions during the second quarter, according to Marcus & Millichap. Meanwhile, the area’s tech companies created 5,000 additional positions.

Around 41.8 percent of new renter applications in Louisville over the past five years came from millennials. The area is still developing as a hub for Gen Y, so still has a “ways to go before competing with the nation’s largest urban cores,” according to RENTCafé.

Close to 41.4 percent of new renter applications in Memphis were from millennials in the past five years. Looking toward the future, that number is expected to jump to 43.8 percent, according to the RENTCafé report.

Since businesses began to reopen in May, more than 262,000 people have returned to work in Chicago. But net absorption in the city’s multifamily sector fell below the level of new inventory, pushing apartment vacancy up to 5.1 percent in the April through June period, according to Marcus & Millichap. Around 41.2 percent of new renter applications in the Chicago area have been coming from millennials.

Millennial renters accounted for 41.0 percent of new apartment applications in Atlanta. Microsoft is investing $75 million in a new complex in Atlanta, with plans to bring in additional 1,500 jobs to the market, while Google is also expanding in the area. These offices could attract additional workers away from pricier cities to the Atlanta area, a good sign for the multifamily sector. However, the return to office-using jobs in Atlanta has been slower than in the rest of country.

Millennials accounted for 40.8 percent of new renter applications in Dallas, according to RENTCafé. From April to June, the average effective rent for apartment in the city dropped by 0.2 percent to $1,184 per month. Demand for apartments decreased as remote working shifted some renters away from Dallas proper and more into the suburbs, according to Marcus & Millichap data.

New millennial renters come to Portland mainly from other cities in Oregon or the state of Washington, according to the RENTCafé report. Around 40.8 percent of new renter applications here have been filled out by millennials. Markets with solid tech, financial and government workforces should be less impacted by the pandemic, and that includes Portland, according to a Marcus & Millichap regional report on West Coast cities.

Millennial renters relocating to Las Vegas come mostly from other cities in Nevada and California and account for around 40.4 of new renter applications in the city, according to RENTCafé. Going forward, that share could jump to 44.9 percent, according to the report.

Around 40.1 percent of new renter applications in the nation’s capital have been coming from millennials. That figure should remain relatively stable, as the RENTCafé researchers project 43.4 percent of new renter applications to be filled out by millennials going forward.