RentCafe predicts that 57 more suburbs will flip to renter-majority over the next five years.
by Linda Pollack
Renters are now the majority in more than 100 US suburbs, including the suburbs of Miami, Washington DC, and Los Angeles, according to a new report from RentCafe.
About 21 million people rent a home in the suburbs of the 50 largest US metros, a figure that’s 3.7 million more than 10 years ago. Between 2010 and 2019, the number of suburban renters ballooned by 22%, whereas the number of suburban homeowners grew by only 3%.
Overall, US Census data shows that two out of every five people are renters across the suburban US, accounting for an average share of 39% in the suburbs of our largest metros. Most of them are Millennials and Gen Zs “looking for housing options that better suit their budgets,” according to the report.
Almost 40 of the suburbs that transitioned to renter-majority over the last ten years are in the Washington DC, Miami, and LA areas, with Beverly Hills standing out as a surprisingly renter-heavy market: nearly 51% of people living there rent.
RentCafe predicts that 57 more suburbs will flip to renter-majority over the next five years.
“The pandemic has further extended this trend, having triggered an acute need for more living and breathing space — which the suburbs traditionally offer — as more Americans try to make the most of the new work-from-home trend,” the report states.
