{"id":75779,"date":"2023-02-08T05:00:38","date_gmt":"2023-02-08T13:00:38","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75779"},"modified":"2023-02-07T13:13:09","modified_gmt":"2023-02-07T21:13:09","slug":"gen-z-millennial-renters-lower-inflation","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/gen-z-millennial-renters-lower-inflation\/","title":{"rendered":"Gen Z and Millennial Renters Have Lower Inflation Rates Than Overall U.S. Population For First Time in 2 Years"},"content":{"rendered":"

Young adults taking on a new lease are getting some relief as rental price growth slows, helping cool their personal inflation rates.\u00a0<\/span><\/i><\/p>\n

Gen Z and millennial renters have lower personal inflation rates than the overall U.S. population for the first time since the end of 2020. Gen Zers and millennials who signed a new lease in December saw their cost of goods and services increase 5.6% and 6.1%, respectively, compared with a <\/span>6.5%<\/span><\/a> increase for the typical American.\u00a0<\/span><\/p>\n

That\u2019s a welcome shift for young renters, who saw their personal inflation rates soar last year as rental prices skyrocketed.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

This is based on a Redfin analysis of the cost of goods and services for Gen Zers and millennials based on their spending habits, as measured by the U.S. Bureau of Labor Statistics\u2019 <\/span>Consumer Price Index<\/span><\/a> (CPI). The analysis, which incorporates Redfin\u2019s data on asking-rent prices, weighs each component of inflation\u2013including food, fuel, shelter and other variables\u2013to come up with inflation rates for millennials and Gen Zers who are taking on a new lease. Adult Gen Zers are 18 to 26 years old, and millennials are 27 to 42 years old.\u00a0<\/span><\/p>\n

This also marks the first time since the start of 2021 Gen Zers <\/span>overall <\/span><\/i>have a lower personal inflation rate than the U.S. population, a shift that\u2019s largely due to rental price growth slowing. The personal inflation rate for Gen Zers overall, taking both renters and homeowners into account, came in at 6.4% in December. Millennials, at 6.8%, still have a higher rate than the general population.\u00a0<\/span><\/p>\n

New-lease signers have comparatively low inflation rates because rental price growth is slowing<\/h3>\n

Young adults signing a new lease are benefitting from cooling inflation sooner than the typical American. That\u2019s because rents are increasing slower than the overall cost of housing. The median U.S. asking rent for a new lease rose <\/span>4.8%<\/span><\/a> year over year in December, the smallest increase in a year and a half and down from 16% last July. That’s compared with overall shelter costs, which rose <\/span>7.5%<\/span><\/a>, according to the CPI. Hourly wages for the average U.S. worker rose 4.4%<\/a> year over year in January.\u00a0<\/span><\/p>\n

This is the first time asking rents have posted a smaller increase than the overall cost of housing in a year and a half.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

\u201cShelter\u201d inflation encompasses both rental payments (including existing leases) and the amount homeowners would<\/span> pay in rent for their own house. That means renters who are locked into yearlong leases, along with homeowners who bought at the peak of the market, will be slower to see cooling inflation reflected in their bank accounts. Shelter inflation hasn\u2019t slowed yet because most people are paying a \u201cshelter\u201d price that\u2019s reflective of last year\u2019s hot rental and housing market, which has since cooled significantly amid elevated mortgage rates. It\u2019s likely to peak soon.\u00a0<\/span><\/p>\n

\u201cEbbing price growth means renters moving now may be getting a better deal than those who signed a new lease in late 2021 or 2022. Asking rents have already dropped from the apex they reached last August and they\u2019ve fallen from a year ago in many parts of the country, including Phoenix, Austin and Los Angeles,\u201d said Redfin Senior Economist Sheharyar Bokhari<\/a>. \u201cPeople looking to move now may also want to take advantage of declining demand and negotiate with landlords about perks like free parking or a free month\u2019s rent\u2013and those who are staying put may have some bargaining power when renewing their lease. Rental prices are likely to fall from here nearly everywhere in the country, so it may also be worth waiting a few months if you\u2019re not in a hurry to sign a new lease.\u201d\u00a0<\/span><\/p>\n

\u201cFor those who are on the fence about continuing to rent or buying their first home, waiting a few months before locking in a new lease could be worthwhile,\u201d Bokhari continued. \u201cIf mortgage rates and home prices continue dropping from their peak, entering the housing market will be more affordable than it is today. Depending on individual circumstances, that could shift the math on whether renting or buying makes more financial sense.\u201d<\/span><\/p>\n

Slowing rent growth has an outsized impact on Gen Zers and millennials because they\u2019re typically the people signing new leases. Just <\/span>39%<\/span><\/a> of Americans under 35 years old own their home, and 62% of those aged 35 to 44 own theirs. That\u2019s compared with 70%-plus homeownership rates for Americans 45 and older.\u00a0<\/span><\/p>\n

Demand for rentals has tapered off since the pandemic moving frenzy<\/h3>\n

Rental price growth is slowing because of falling demand, with relatively few people <\/span>moving or planning to move<\/span><\/a> to a new residence. Rental costs that skyrocketed over the last year and a half, along with inflation in other parts of life, makes moving to a new rental unaffordable for many Americans.\u00a0<\/span><\/p>\n

Inflation soared in early- to mid-2022 partly <\/span>because<\/span><\/i> of skyrocketing rental costs and home prices. Shelter inflation makes up about <\/span>one-third<\/span><\/a> of the value of goods and services included in overall inflation measures.\u00a0<\/span><\/p>\n

At the same time, supply is increasing due to an influx of newly built apartments and homeowners who want to <\/span>hold onto<\/span><\/a> relatively low mortgage rates renting out their properties rather than selling.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Young adults taking on a new lease are getting some relief as rental price growth slows, helping cool their personal inflation rates.\u00a0 Gen Z and millennial renters have lower personal inflation rates than the overall U.S. population for the first time since the end of 2020. Gen Zers and millennials who signed a new lease […]<\/p>\n","protected":false},"author":13153,"featured_media":75782,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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Anderson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg6a0821cd173d24b4c47bf9d2c09ca097","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg","caption":"Dana Anderson"},"description":"As a data journalist at Redfin, Dana Anderson writes about the numbers behind real estate trends. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.","url":"https:\/\/www.redfin.com\/news\/author\/dana-andersonredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/75779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13153"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=75779"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/75779\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/75782"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=75779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=75779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=75779"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=75779"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=75779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}