The 10-Year Boost to ‘Rentership’
Digested from RentCafe
In many major markets, the growth of renter households has outpaced homeownership as 22 cities have shifted to renter majorities.
A report “Renters Became the Majority Population in 22 Big U.S. Cities” by Yardi’s RentCafe features statistics that show the growth in renters nationwide in many big markets.
In a study of the 100 largest U.S. cities, 22 shifted from owner- to renter-majority between 2006 and 2016, including key markets Chicago, San Diego, Detroit, Austin and Sacramento, boosting the total number of renter-dominated cities to 42.
Over the 10-year period analyzed, rentership growth outpaced homeownership in 97 of the 100 most populous cities.
Gilbert, Ariz., boasted the highest percentage increase in renter share, a whopping 53.4 percent. This town about 21 miles southeast of Phoenix, saw its overall population double in 10 years and, as a consequence, its renter population as well.
The markets with the highest proportion of renters are Newark, N.J., and Jersey City, N.J., followed by Miami, New York, Boston, and Orlando.
During these 10 years, the total U.S. population gained approximately 23.7 million people, and at the same time, the number of renters increased by 23 million, and homeowners by less than 700,000.