Renters are now the majority in more than 100 US suburbs, including the suburbs of Miami, Washington DC, and Los Angeles, according to a new report from RentCafe.
About 21 million people rent a home in the suburbs of the 50 largest US metros, a figure that's 3.7 million more than 10 years ago. Between 2010 and 2019, the number of suburban renters ballooned by 22%, whereas the number of suburban homeowners grew by only 3%.
Overall, US Census data shows that two out of every five people are renters across the suburban US, accounting for an average share of 39% in the suburbs of our largest metros. Most of them are Millennials and Gen Zs "looking for housing options that better suit their budgets," according to the report.
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