{"id":94807,"date":"2019-12-16T04:43:38","date_gmt":"2019-12-16T12:43:38","guid":{"rendered":"https:\/\/www.rentcafe.com\/blog\/?p=94807"},"modified":"2023-03-10T00:07:20","modified_gmt":"2023-03-10T08:07:20","slug":"renting-america-housing-changed-past-decade","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/rental-market\/market-snapshots\/renting-america-housing-changed-past-decade\/","title":{"rendered":"The Decade in Housing Trends: High-Earning Renters, High-End Apartments and Thriving Construction"},"content":{"rendered":"

This past decade has transformed the relationship between America and its housing, especially when it comes to renting. While the recession pushed many to rent out of necessity, the economic expansion which followed, coupled with changing attitudes towards family and homeownership, lead to the rise of the renter by choice<\/strong>. Rentership rates expanded across the board<\/strong>\u2014from young families to seniors, from city cores to suburbs, many Americans have shifted away from homeownership.<\/p>\n

Developers responded to the demand with a construction boom unseen since the 80s<\/strong>, which includes a growing number of high-end units. Meanwhile, apartment buildings themselves have become increasingly sophisticated, to accommodate quality-seeking lifestyle renters.<\/p>\n

This past decade, the research team at RentCafe continually analyzed housing trends and released several reports on major directions in renting. Now, as we have reached the end of these tumultuous but prolific ten years, we gathered the most significant insights discovered and updated them. Utilizing data from the U.S. Census Bureau, Yardi Matrix,<\/a>\u00a0PropertyShark<\/a>, and the U.S. News & World Report we examined\u00a0a number of\u00a0economic and demographic indicators to get an overview of the housing trends that shaped the country in the past ten years.<\/p>\n

\"\"<\/h1>\n

I. The Decade in Housing Costs<\/a><\/h3>\n

1. The national average rent increased by 36% in the past decade<\/a>
\n2. Home prices and rents rose in most of the nation\u2019s largest cities<\/a><\/p>\n

II. The Decade in Housing Trends<\/a><\/h3>\n

1. The number of American renters surpassed 100M this decade<\/a>
\n2. The renter population grew twice as fast as the owner population<\/a>
\n3. Renters became the majority population in 20 cities in the past decade<\/a>
\n4. A majority of the cities with the largest share of renters are in the Northeast<\/a>
\n5. More high-earning Americans are renting than ever<\/a>
\n6. The number of homeowner families with children dropped significantly<\/a>
\n7. Renting has increased in popularity among older households<\/a>
\n8. An increasing number of renters are living the suburban life<\/a>
\n9. Apartment living is still the most popular among renters<\/a>
\n10. The nation\u2019s priciest metros have been shrinking in population in the past decade<\/a>
\n11. Millennials have left college towns for job hubs<\/a><\/p>\n

III. The Decade in Construction Trends<\/a><\/h3>\n

1. Apartment construction thrived in the past decade<\/a>
\n2. Apartments built in the past decade have been getting smaller<\/a><\/p>\n

Methodology<\/a><\/p>\n

\"\"<\/h1>\n

1. The national average rent increased by 36% in the past decade<\/h3>\n

Since 2010, the national average rent increased by $390 or 36%, propelled by increasingly valuable land, progressively sophisticated apartments, and a booming job market that pushed demand skywards.\u00a0The median home price went up by 31% in the same timeframe, while the median household income grew by 27%. Private college tuition fees were also on the rise\u2014the price of higher education increased more than housing costs, shooting up by 39% in the past decade.<\/p>\n

\"\"<\/a><\/p>\n

2. Home prices and rents rose in most of the nation\u2019s largest cities<\/h3>\n

As expected, both the average rent and the median home price increased in large cities, as illustrated in a select list of cities below where we were able to obtain complete data for the decade. Home prices rose faster than rents in 15 of the cities below.
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