Short- and longer-term data is showing that rent growth in the suburbs has been outpacing that of urban markets since the pandemic – and even the year before that, according to Apartment List.
Across 39 large and medium-sized metropolitan areas, Apartment List found that since March 2020, rents in the suburbs of these metros have grown by 27.2 percent, on average, significantly outpacing the 19.8 percent average rent growth in the core cities that they surround.
Looking further back, Yardi Matrix's data show renters are now the majority in 103 suburbs that were previously homeowner territory 10 years ago, and 57 others are expected to follow suit in the next five years, suggesting greater demand could help to spike rents.
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