【World Property Journal】$726 Million in Rent at Risk from Gen Z Moving Home with Parents from Skyrocketing Unemployment

Zillow is reporting this week that massive skyrocketing unemployment across the U.S. has prompted millions of adults to move back in with their parents. 

Zillow is further reporting that the potential rent lost from Gen Z alone could total an estimated $726 million, and the ripple effects of their next move could have far-reaching consequences for the housing market.

The number of adults living in a parent's or grandparent's home grew by more than 2.7 million in March and April, nearly triple the next-largest two-month increase from the past five years. A large majority of those who moved home -- about 2.2 million -- are from Generation Z, and between 18 and 25 years old.

Those 2.2 million Gen Zers represent an estimated $726 million in rent payments each month -- payments that could be lost if these moves prove to be more than a temporary measure. That represents about 1.4% of the rental market at risk. It is highly unlikely that all leases will be broken and this full amount would go unpaid, but it serves as a gauge of the potential impact on housing.
 

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