Anyone paying attention to housing trends since the Great Recession would tell you that the number of rental households has increased. If, however, they aren’t a close observer they might be stunned at the sheer scale of the shift from homeownership to “rentership.” From the NAA blog:
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…
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.