As the number of homeowners is slowly declining, the number of renters is slowly increasing. And it isn’t just millennials doing all that renting, the trend holds among all age brackets.
According to the National Multifamily Housing Council, a third of all American households now reside in rental units. While many of those units are single family dwellings, the majority (42 percent) are structures with five or more units, and one in five are structures with two to four units.
While renting is especially popular in bigger metropolitan areas with higher density populations, it’s a trend we’re starting to see now in the Upper Midwest too.
CityLab recently crunched the numbers and came up with some insights driving that trend. The question now is will it continue? Based on what we’re seeing locally, we’d say yes.