Trending reports in the property management industry support the notion of a renter based society, while real estate news hints at renting taking a back seat as the housing market stabilizes and mortgage payments become more affordable. While both sides of the rent versus own housing market prediction debate seem to have adequate support, a look at data from Apartment Guide reveals areas where renter occupied homes clearly surpass owner occupied homes.
New York City and its surrounding metro area top the charts with 190,801 more renter occupied homes over owner occupied homes. Los Angeles-Long Beach-Santa Ana region of California follows with 56,927 more renter occupied homes than owner occupied homes.
New York City and Los Angeles are notorious for big populations and high priced homes, so it is not surprising they rank at the top of renter dominated markets. But other cities on the list from Apartment Guide shows that college towns attract more renters than owners. Small towns that host a least one college or university bring more renters as students populate the area. Students looking for off campus housing, who do not meet financial requirements for home-ownership or do not want to set up a permanent residence opt for renting.
- Salinas, CA has 5,661 more renter occupied homes than owned homes and is home to Hartnell Community College and Heald College.
- College Station-Bryan, TX has 3,261 more renter occupied homes and is home Texas A&M University.
- Pullman, WA has 3,217 more renter occupied homes than owner occupied homes and is home to Washington State University.
- Manhattan, KS has 3,181 more renter occupied homes than owner occupied homes and is home to Kansas State University.
- Carbondale, IL has 1,669 more renter occupied homes than owner occupied homes and is home to Southern Illinois University.
- Starkville, MS has 1,539 more renter occupied homes than owner occupied homes and is home to Mississippi State University.
- Laramie, WY has 1,342 more renter occupied homes than owner occupied homes and is home to University of Wyoming.
- Statesboro, GA has 982 more Renter occupied homes than owner occupied homes and is home to Georgia Southern University.
Although renters account for the majority of household types in these regions, renter-occupied households seems to be a trend across the nation, even if they don’t outnumber homeowners. Multifamily Executive (MFE) published a report last month predicting a high demand for rental properties and increased rental rates throughout the upcoming year.
Are you a property manager or landlord who has noticed an increase in renters compared to home-owners in your region? Let us know in the comments.
