Many are stuck renting as housing costs outpace wage growth
High Rents Are Reshaping How a Generation Lives
For nearly half of Gen Z and millennials, a suburban home with a large yard is the dream. The reality, however, is that many are stuck renting as housing costs outpace wage growth, according to Apartment List’s latest state of renting report.
The survey of 1,000 Gen Z and millennials across the country revealed that 86% report delaying major life milestones, influencing decisions from living arrangements and family planning to retirement savings and future moves.
When asked which milestones they are delaying, 43% cited buying a home, followed by taking a bucket list trip (38%), starting a business or side hustle (27%), saving for retirement (25%) and having a child (24%).
Nearly half of renters said they can’t save at all, with one in four spending more than half their income on rent. For 42%, the cost of breaking up has meant staying in relationships longer than they’d like.
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Rather than waiting for the market to shift, Gen Z and millennials are making renting work—carefully planning each move rather than settling, according to Apartment List. Even with affordability challenges, 87% still see homeownership as a major goal, though 57% say they haven’t saved enough for a down payment.
While making renting work, many are leaning toward practical priorities. Walkability matters to 76% of renters, with Gen Z (44%) more likely than millennials (39%) to call it “very important.” Yet 53% would rather rent a larger home, even if it means driving more. When looking for a rental, in-unit laundry (44%), pet-friendly policies (43%) and central AC (43%) top the list of non-negotiables.
Many renters are stretching their income creatively. With remote work making cheaper markets more feasible, 48% would consider moving to a different city, 45% to a different state and 24% to another country. Nearly a quarter said finding a cheaper place to live is the main factor driving their next move.
The gig economy is reshaping how renters live. In 2026, more than half (56%) said they’d rent out their apartment on Airbnb to earn extra income. For these renters, Airbnb-friendly units offer flexibility, a new revenue stream and a way to make rent more manageable, the report said.
Source: GlobeSt.
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