Most US City Dwellers Rent, Rate in Miami Passes NYC
Renters outnumber homeowners in nine of America's 11 largest cities, according to a survey released today by the Census Bureau and NYU's Furman Center for Real Estate. And Miami (above) stripped NYC of its "renting capital" title, with 65% of Miamians renting compared to 64% of New Yorkers.
The share of renters jumped in all 11 markets monitored in the survey. Only Philadelphia and Atlanta had minority renter populations, of 44% and 49%. And the trend is contributing to across the board rent hikes. “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,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the Wall Street Journal.
Boston and LA tied for third behind Miami and NYC, with 60% renter populations. San Francisco rounded out the top 5, at 57%. Houston, Dallas, Chicago and Washington DC all went from minority to majoriy renter status between 2006 and 2013.