Renting In America's Largest Metropolitan Areas

Very interesting Study published that discusses the National Affordable Rental Housing Landscape.  Typically, the suburbs have been reserved for those who buy versus those who rent.  However, the momentum is shifting as more suburbanites have trended towards renting instead.

About 29 percent of suburbanites living outside the nation's 11 most populous cities were renters in 2014, up from 23 percent in 2006, according to a report being released by New York University's Furman Center real estate experts and the bank Capital One.

The financial aspect of owning a home since the crash may be the biggest reason for this change but the cost to rent in larger metropolitan areas has also increased.

The data provided by the study shows a rise in renters across the nation for the past 10 years.  The study focuses on metropolitan areas surrounding and within cities with a population density of at least 50,000 residents. 

The study conflicts in some of the larger rental markets nationwide where it has actually gotten more affordable to rent

Although the variance is getting shrinking, renting is still more common in big cities then in their suburbs.  In Miami, about 66% of residents are tenants. 

Across the Nation, 37 percent of all households now rent, the highest level since the mid-1960s, which is why demand now is higher than ever.

Experts on the subject attribute the surge in tenants do to all the foreclosures, short sales, loss of income and other financial struggles potential homeowners face in addition to stricter mortgage qualifications and credit requirements by the lenders that came after the crash.  The banks have since gotten a bit better but even still, borrowing isn’t easy.

 Ryan Scotson - Masters Realty