High-income renters are now the fastest-growing segment of the housing population, according to a study by Apartment List.
The number of households who earn six-figures and choose to rent has grown 48% over the past decade, the study found. Multi-family construction has quadrupled since 2010 and now exceeds pre-recession levels, with most of the activity on the high end.
Many high-earners increasingly value the flexibility of renting and want to live close to high-paying jobs in city centers. Many high earners are locked out of home ownership by the high cost of purchasing a home while managing student loan debt and stricter lending standards.
The rise of high-income renters has been most dramatic in mid-size, growing metropolitan areas, particularly Denver, Austin, and Oklahoma City. Growth in this category has been slower in the largest and most expensive markets, including New York, Los Angeles, and San Francisco.
Related Stories
Codes and Standards | Oct 5, 2018
Getting commitments from key subs critical on government contracts
Withdrawn subcontractor bids can be costly.
Codes and Standards | Oct 4, 2018
Internal watchdog says EPA falling short to protect school children from asbestos
Agency not conducting enough inspections, report says.
Codes and Standards | Oct 3, 2018
Climate change impacts could prompt realignment of assets for commercial property developers
Strategies include reducing exposure to properties in flood-prone areas.
Codes and Standards | Oct 2, 2018
Political will, tougher standards needed to reach carbon neutral goal
Stretch codes, more stringent credentials for designers, contractors, and inspectors may be needed.
Codes and Standards | Sep 27, 2018
Natural light is the most prized office perk
Employees crave sunshine and views of the outdoors more than cafeterias, fitness centers, and childcare.
Codes and Standards | Sep 26, 2018
Industry consensus needed for multifamily energy efficiency retrofit approach
Choice of insulating materials can impact indoor air quality, resident health.
Codes and Standards | Sep 25, 2018
New market forces disrupting global real estate development industry
Executives concerned about trade policy, labor shortages, approval processes.
Codes and Standards | Sep 21, 2018
More than 130 organizations petition OSHA to create heat protection standard for workers
Includes mandatory rest breaks, heat-exposure monitoring, record-keeping injury requirement.
Codes and Standards | Sep 20, 2018
North Carolina law banning use of recent climate science could worsen Hurricane Florence impact
Policies may have undermined ability to make coastal regions more resilient.
Codes and Standards | Sep 19, 2018
AIA endorses building owner participation in cap-and-trade programs
Would spur more energy conservation in buildings and cut carbon emissions.