During the 10 years between 2006 and 2016, almost a quarter of the 100 largest cities in the United States shifted from owner- to renter-majority. In total, rentership growth outpaced homeownership in 97 of the 100 largest (by population) cities. 22 cities total made the shift, including key markets like Chicago, San Diego, Detroit, Austin, and Sacramento. The addition of these 22 cities now puts the total number of renter-dominated cities at 42, according to RENTCafé.
Gilbert, Ariz., saw the highest increase in renter share at 53.4%. Plano, Texas (40.0%), St. Petersburg, Fla. (39.4%), North Las Vegas, Nev. (38.5%), and Toledo Ohio (31.3%) round out the top five.
Newark, N.J., and Jersey City, N.J. place first and second as the markets with the highest proportion of renters at 74.3% and 70.4% respectively. Miami (68%), New York (65.1%), Boston (63.7%), and Orlando (62.7%) followed the two New Jersey cities.
For the full RENTCafé report, click here.
Related Stories
Market Data | Nov 14, 2018
A new Joint Center report finds aging Americans less prepared to afford housing
The study foresees a significant segment of seniors struggling to buy or rent on their own or with other people.
Market Data | Nov 12, 2018
Leading hotel markets in the U.S. construction pipeline
Projects already under construction and those scheduled to start construction in the next 12 months, combined, have a total of 3,782 projects/213,798 rooms and are at cyclical highs.
Market Data | Nov 6, 2018
Unflagging national office market enjoys economic tailwinds
Stable vacancy helped push asking rents 4% higher in third quarter.
Market Data | Nov 2, 2018
Nonresidential spending retains momentum in September, up 8.9% year over year
Total nonresidential spending stood at $767.1 billion on a seasonally adjusted, annualized rate in September.
Market Data | Oct 30, 2018
Construction projects planned and ongoing by world’s megacities valued at $4.2trn
The report states that Dubai tops the list with total project values amounting to US$374.2bn.
Market Data | Oct 26, 2018
Nonresidential fixed investment returns to earth in Q3
Despite the broader economic growth, fixed investment inched 0.3% lower in the third quarter.
Market Data | Oct 24, 2018
Architecture firm billings slow but remain positive in September
Billings growth slows but is stable across sectors.
Market Data | Oct 19, 2018
New York’s five-year construction spending boom could be slowing over the next two years
Nonresidential building could still add more than 90 million sf through 2020.
Market Data | Oct 8, 2018
Global construction set to rise to US$12.9 trillion by 2022, driven by Asia Pacific, Africa and the Middle East
The pace of global construction growth is set to improve slightly to 3.7% between 2019 and 2020.
Market Data | Sep 25, 2018
Contractors remain upbeat in Q2, according to ABC’s latest Construction Confidence Index
More than three in four construction firms expect that sales will continue to rise over the next six months, while three in five expect higher profit margins.
