Renter households now make up the majority in 42 of the 100 largest cities in the U.S., according to RENTCafé.
In close to half of the largest U.S. cities, the majority of households now rent rather than own their primary residence, according to a new report from RENTCafé, a Yardi company.
The share of households that own their homes has now declined to the level last seen in the1980s and early 1990s. That’s been great news for the multifamily sector, as those would-be homeowners have filled up apartments.
The homeownership rate is likely to stay at roughly its current level for the foreseeable future due to recent changes in the tax code that favor renting over buying and the high cost of for-sale homes.