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
Industry Research | Nov 28, 2017
2018 outlook: Economists point to slowdown, AEC professionals say ‘no way’
Multifamily housing and senior living developments head the list of the hottest sectors heading into 2018, according a survey of 356 AEC professionals.
Market Data | Nov 27, 2017
Construction's contribution to U.S. economy highest in seven years
Thirty-seven states benefited from the rise in construction activity in their state, while 13 states experienced a reduction in activity.
Market Data | Nov 15, 2017
Architecture Billings bounce back
Business conditions remain uneven across regions.
Market Data | Nov 14, 2017
U.S. construction starts had three consecutive quarters of positive growth in 2017
ConstructConnect’s quarterly report shows the most significant annual growth in the civil engineering and residential sectors.
Market Data | Nov 3, 2017
New construction starts in 2018 to increase 3% to $765 billion: Dodge report
Dodge Outlook Report predicts deceleration but still growth, reflecting a mixed pattern by project type.
Market Data | Nov 2, 2017
Construction spending up in September; Down on a YOY basis
Nonresidential construction spending is down 2.9% on a year-over-year basis.
Market Data | Oct 19, 2017
Architecture Billings Index backslides slightly
Business conditions easing in the West.
Industry Research | Oct 3, 2017
Nonresidential construction spending stabilizes in August
Spending on nonresidential construction services is still down on a YOY basis.
Market Data | Sep 21, 2017
Architecture Billings Index continues growth streak
Design services remain in high demand across all regions and in all major sectors.
Market Data | Sep 21, 2017
How brand research delivers competitive advantage
Brand research is a process that firms can use to measure their reputation and visibility in the marketplace.