Rent Jungle Blog

Gentrification is happening nationwide, with corner shops closing down, rent prices rising, and swanky new nightlife popping up in cities all over the country. But revitalization, and the subsequent gentrification is affecting areas at different rates. Read on for a round up of the five most rapidly gentrifying cities in America.

New York is a notoriously expensive city, but average rental costs do fluctuate over time. In the past year there has been a slight downward trend of rental prices in Brooklyn and Manhattan. Minor declines in the early spring made way to more noticeable dips in rent in the summer months as new developments drove up vacancy rates across the city.

When people talk about the migration patterns of millennials, the conversation usually centers on the biggest urban areas, New York and Los Angeles, or hipster approved cities like Seattle and Austin. But the city with the largest proportion of millennials rarely appears on these lists. It's Salt Lake City, Utah. Surprising, huh? It shouldn't be. With a strong job market, affordable housing and beautiful natural scenery, it's a wonder everyone hasn't moved to Salt Lake.

The Millennial Urban Exodus

Every publication in America claims that all the “millennial generation” cares about is avocado toast, Snapchat, and living in the big city. However, studies show that this isn’t necessarily the case. Despite preconceptions that millennials are concentrating in coastal urban areas, in reality, many of them are moving out of the cities in search of affordable housing.

When Christoffer Thygesen moved to the Bay Area, he knew the housing search would be challenging, but he had no idea how hard it would be. A data scientist at Square, Christoffer grew up outside of San Francisco, near Palo Alto. After spending four years in Pittsburgh for college, he returned to Northern California to take a job in San Francisco.

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