Over the past 10 years, the rental population increased dramatically, even outpacing homeownership growth in the majority of the top U.S. markets, however, a new study from RentCafé shows there’s still hope for the homeownership population.
From 2006 to 2016, data from the U.S. Census Bureau shows nearly 25% of the 100 largest U.S. cities shifted from owner to renter majority. Renters took over in 22 cities, increasing the total number of renter-dominated markets to 42, RentCafé’s study reported.
In fact, for that 10-year period, rentership growth outpaced homeownership in 97 of the top 100 markets.
Gilbert, Arizona, held the highest percentage increase in renter share with 53.4% as its population doubled.
The chart below shows the cities with the greatest change in renter share since 2006, and how their 2016 levels compared to 2006.
However, the study also showed not all hope is lost for the homeownership population. A closer look at the data shows that while the homeownership share of the population lost ground during the recession years, it began growing again as the renter population began shrinking in 2014.
The chart below shows the renter and owner population for each year from 2006 to 2016.