An analysis of actual rental prices and applications shows a 10 percent drop in rental applications in the 2020 rental season, as the pandemic motivated renters to stay in their apartments, according to RentCafe.

RentCafe analyzed renter activity from more than five million applications for leases, and rents charged in more than 17 million apartments for their 2020 Year-End Report.

“With such a challenging year, we wanted to present the best perspective on the rental market by analyzing actual prices and applications, which unlike data from online searches or listings can bring an additional level of detail and accuracy regarding renters’ plans,” the report says.
The pandemic hindered moving plans in 16 of the nation’s 30 largest cities, as the number of applications for apartments in these hubs went down compared to the previous years.

“We are also witnessing important changes in the fabric of the rental market. A new cohort of renters, Generation Z, is now the second most active group of renters, overtaking Gen X-ers, while the front-runner generation of Millennial renters is shrinking. In terms of moving, there was an increase in renters who decided to move out of some large cities in 2020, including Detroit, New York and Seattle,” the report says.