Moving in with the 'Rents
Research from Zillow shows that a significant number of young adults moved in with their parents or grandparents in March and April of 2020. From an article in MultiFamily Executive:
As unemployment rates soared nationwide due to COVID-19, millions of adults have moved back into a family member’s home. This could cause a potential rent loss from Generation Z alone of $726 million, according to a new Zillow analysis.
During March and April, the number of adults living in a parent’s or grandparent’s home grew by more than 2.7 million, which is nearly three times the next largest two-month increase over the past five years. This puts the number of adults living with their parents or grandparents in April at 32 million, the highest number on record. In addition, 2.2 million are from Gen Z— between 18 and 25 years old—and represent an estimated $726 million in monthly rent payments. These payments, about 1.4% of the rental market, could be potentially lost if these moves become more than temporary.