A report by New York University’s Furman Center found that renters made up the majority of households in nine of the 11 largest cities in the U.S. in 2013, up from five in 2006. The demand is straining the supply of rental housing.
The report, produced with Capital One's "Investing for Good" subsidiary, "found a significant shift in the proportion of renters in all major cities—even in lower-density, relatively inexpensive places such as Houston and Dallas," write Wall Street Journal reporters Laura Kusisto and Kris Hudson.
One surprising outlier was the nation's largest city, which "no longer has the largest share of renters of any of the big cities, having been outstripped by Miami, where 65% of the population rents, a percentage point higher than New York [see Wall Street Journal graphic]," write Kusisto and Hudson. New York "is also one of several where the percentage of renters has been on a long-term decline, falling from 71% in 1970 to 64% in 2013."
Causes for the major uptick in renting nationwide varies. In some, "long-term demographic trends and changing attitudes have diminished the appeal of the traditional American dream of homeownership," they write. "But for many, slow income growth and a lack of savings are the main reasons for renting instead of buying, even as mortgage rates remain historically low."
The implications on affordable housing was one of the main findings of the report. "As the number of renters grow, if the supply of rental housing does not keep up—as it has not in most of these cities—then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing," said Ingrid Gould Ellen, the Furman Center’s faculty director.
The report found that rents rose faster than household incomes in five of the cities and "outpaced inflation in all of the 11 cities except for Dallas and Houston, where they remained largely flat," write Kusisto and Hudson. "Rents rose the most in Washington, D.C., over the seven-year period."
View the findings of the report or the press release.
A full report with the city-specific data will be available in mid-February. To receive a copy by email, please join the NYU Furman Center mailing list.
FULL STORY: Renters Are Majority in Big U.S. Cities Even Relatively Inexpensive Places Move Away From Homeownership

Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Ken Jennings Launches Transit Web Series
The Jeopardy champ wants you to ride public transit.

Driving Equity and Clean Air: California Invests in Greener School Transportation
California has awarded $500 million to fund 1,000 zero-emission school buses and chargers for educational agencies as part of its effort to reduce pollution, improve student health, and accelerate the transition to clean transportation.

Congress Moves to End Reconnecting Communities and Related Grants
The House Transportation and Infrastructure Committee moved to rescind funding for the Neighborhood Equity and Access program, which funds highway removals, freeway caps, transit projects, pedestrian infrastructure, and more.

From Throughway to Public Space: Taking Back the American Street
How the Covid-19 pandemic taught us new ways to reclaim city streets from cars.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Heyer Gruel & Associates PA
Ada County Highway District
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service