Renters are now “the majority in 103 suburbs that were previously homeowner territory 10 years ago, and 57 other suburbs are expected to follow suit in the next five years,” according to research from RentCafe.
Renters became the majority in many suburbs in the nation’s 50 largest metros, which gained a total of 4.7 million people since 2010 — and of these, 79 percent were renters, according to the latest U.S. Census data.
Nearly 40 of the suburbs that transitioned to renter-majority in the last decade belong to just three metros: Washington, D.C. (14); Miami (13); and Los Angeles (12).
“We have reimagined the American dream for a modern, more diverse society where people are having fewer children and getting married much later in life (if at all), and where most good job/career opportunities require one to be flexible,” said Dr. Kenneth Laundra, associate professor of sociology at Millikin University. He said today’s suburbia is far different from the “Baby Boomer fantasyland” it used to be.
According to Dr. Laundra, many people will take advantage of the flexibility that remote work offers in the post-COVID era — to the benefit of the suburbs closest to urban areas.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.