Photo by Bryan Sereny (www.bloomburg.com)
Despite all of the reports about surging rental rates, it seems like most people in bigger U.S. cities are taking a pass on purchasing a home and opting to sign a lease instead.
According to a new report by New York University’s Furman Center and Capital One, major U.S. cities are seeing a rise in the amount of renters compared to homeowners. Rents grew faster than inflation in every one of the 11 largest metro areas in America, with the exception of Dallas and Houston where rents remained flat. Of all of the cities included in the report, Washington D.C. saw the biggest rent an increase, a 21 percent jump in median rent. Although mortgage rates remain at a historic low, slow income growth and a lack of savings is forcing many to rent rather than buy.
What was perhaps the most surprising finding in the study, however, is that New York City no longer has the biggest share of renters among major metropolises. Miami, where 65 percent of the population rents, has overtaken the top spot while the Big Apple fell to number two. Of the largest cities, Philadelphia had the lowest percentage of renters in 2013, with 44 percent, according to the report.
Across the U.S., a total of 36 percent of households are being rented.
Cincinnati Area Apartments for Rent
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Excellent article, thanks for sharing.