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 | Jan 9, 2020
Dept. of Defense will require beefed up cybersecurity standards in January
All contractors will have to demonstrate secure practices.
Codes and Standards | Jan 8, 2020
2019 Oregon Zero Energy Ready commercial code will boost efficiency by 14%
ASHRAE 90.1 is the basis for new code that went into effect Oct. 1.
Codes and Standards | Jan 8, 2020
Energy efficiency initiatives have significantly cut energy consumption per square foot
Lighting and space heating fell by more than 600 trillion Btu from 2003 to 2012.
Building Technology | Jan 7, 2020
Tariff whiplash for bifacial solar modules
Bifacial solar systems offer many advantages over traditional systems.
Codes and Standards | Jan 7, 2020
New certification program for rigid core luxury vinyl tile
ASSURE CERTIFIED to establish industry-wide quality standards.
Codes and Standards | Jan 7, 2020
Boston’s beefed up wetlands ordinance will limit development
Conservation commission must consider future climate impacts when assessing new projects.
Codes and Standards | Jan 6, 2020
States pick up the slack in efficiency policy as federal government lags
With climate change deniers setting policy in Trump Administration, progress continues in statehouses.
Codes and Standards | Jan 6, 2020
OSHA plans multiple revisions to rules impacting construction industry in 2020
Cranes and derricks, welding in confined spaces, beryllium exposure, and more on docket.
Codes and Standards | Jan 3, 2020
Labor supply and capability of workers worry contractors
Three out of four firms plan to add workers in 2020.
Codes and Standards | Jan 3, 2020
Car-free streets could become common in major cities
New York and San Francisco establish thoroughfares dedicated to transit, pedestrians.