It was only a decade ago when homeowners ruled the suburbs, but a new report by RENTCafé reveals that over the past decade, renters have begun to dominate in 103 suburbs that were historically homeowner territory.
Additionally, the report, which looked at figures from 2010-2019, projected that 57 other suburbs would follow suit in the next five years.
RENTCafé examined the 50 largest metros in its report and found that out of 1,105 suburbs analyzed, there were 242 where renters were in the majority. The top metros seeing this transition are Washington, D.C., Miami and Los Angeles.
“Indeed, we can see that renter suburbs cluster on the East Coast around New York and D.C., yet things have changed the most in the D.C. area,” Adrian M. Popa, RENTCafé’s content strategist, told Commercial Observer. “This might have happened due to D.C. sprawling and developing in a more homogenous manner than other metros did.”
He added it could also be linked to the fact that the Capital is an excellent place for young professionals to find employment, especially if they majored in computer science, marketing, and management.