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“Gen Z May Choose Roommates Despite Pandemic

When times get tough, young renters often double up with roommates or move home to live with their parents for a time.

“Younger cohorts are typically disproportionately affected by employment losses in recessions, a fact already reflected in the April and May job reports,” says Andrew Rybczynski, managing consultant in the Boston office of CoStar Portfolio Strategy. “We expect household consolidation for economic reasons, which could also prevent move-outs from parents’ households.”

Apartment developers had begun to build new “co-living” communities based around the idea that renters would want to share space as roommates.

“The model of large-scale shared housing fits well with a desire for lowered costs and increased socialization, but it certainly doesn’t fit well with the need to quarantine,” says AvalonBay’s Hollinger. “If financing was tough before, it just got much tougher.”

..Young renters may also have less need to live near job centers. “Post-pandemic, almost anyone who is not a service provider can potentially work remotely,” says Cirjakovic.

However, these young renters will probably still want live near entertainment, dining, and other people in their age group. “Culture, connectivity, and proximity to similar people will be the draw,” says Rieder. “True walkable live-work-play locations are key. That usually means very urban.” “

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