Renters are Majority in 23 Big Cities
A new report from RENTCafé says that renters have become the majority 23 big cities (with >100k residents) over the past decade. Among the reasons for this shift, were the 2008 housing crisis and the Great Recession – which they say caused caused many to postpone their homebuying plans altogether. Indeed…
“The housing crisis of 2008 and the great recession caused many Americans to lose their homes to foreclosure or postpone their homebuying plans altogether. This led to a massive boost in renting in the early years of the 2010-2019 decade — with the number of renters peaking at 111 million — as well as a drop in homeownership, which bottomed out at 200 million…”
- The U.S. renter population sank to 107 million in 2019, after a mid-decade peak of 111 million.
- Despite the national decline, renting rose in the nation’s largest urban areas, gaining majority in 23 cities in the past decade.
- 45 million Gen Z’s will be of prime renting age (20-29 years old) by 2025, a majority of whom are likely to be renters.