More good news for multifamily brokers, developers: Number of renter-dominated cities keeps growing
February 23, 2017 | by Dan Rafter | REJournals.com
Here is some good news for brokers and developers working in the multifamily business: In 21 U.S. cities with a population of 100,000 or more, more than 50 percent of the households are made up of renters, And according to research from ABODO, the number of cities that can claim this is only going to grow.
ABODO earlier this week released a report identifying those major urban areas in which more households rented than owned. Relying on numbers from the U.S. Census Bureau, ABODO researchers found that of more than 400 urban areas with populations of more than 100,000, 21 are composed of at least 50 percent renters.
Now, that number might not seem that great. But ABODO is predicting that the number of renter-majority cities will only continue to grow. The company points to a report from the Pew Research Center saying that 3 million former homeowners moved from owning to renting in 2011. That’s up from 2.5 million who made the same switch in 2001.
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