Over 100 Suburbs Transitioned to Renter-Majority During the Last Decade
According to recent data analyzed by RENTCafé, renters are now the majority in 103 suburbs that were previously in homeowner territory 10 years ago, and they say 57 other suburbs are expected to join them in the next five years. In addition, they report that recent Census data shows that nearly two out of every five people in suburbia are renters, translating to an average of 39% in the largest metros.
The very definition of suburban living has been rewritten throughout the last decade as suburbs in the nation’s 50 largest metros gained 4.7 million people since 2010—a whopping 79% of whom were renters, according to the latest U.S. Census data. Today, about 21 million people rent a suburban home in the 50 largest U.S. metros—3.7 million more than 10 years ago. What’s more, between 2010 and 2019, the number of suburban renters grew by 22%—a number that dwarfs the 3% increase in suburban homeowners during the same period.
Article by Brad Beckett, Director of Education & Outreach, Real Estate Investing Today, National Real Estate Investors Association (NREIA).