The American Dream of homeownership seemed to crash along with the housing bubble, and the recession of 2007 through 2009 that followed. Even though the financial fallout has receded, the trend to rent instead of own has continued to soar. Single-family rentals, including detached homes, duplexes and townhomes, are developing faster than any other portion of the housing market. Urban Institute states that single-family rentals outpace both home purchases and apartment-style living, increasing 30% in the last three years.
Who Is Leading The Trend To Rent Instead Of Own?
RENTCafe census data show that from 2010 to 2016, single-family rental households in the U.S. increased by nearly 2 million. Out of those renters, Millennials are leading the trend, followed by the retiring Baby Boomer population.