Phoenix saw an increase of 23% in renter households in 2015 than in 2011
After the recession, renters—particularly millennials—were flocking to urban areas, and as such, urban apartment construction surged to record-high levels. But now, a new study shows that’s changing. Renters are now targeting the suburbs in greater numbers.
From 2011 to 2015, suburban areas outpaced urban areas in renter household gains in 19 of the 20 largest U.S. metros. The suburbs of St. Louis, Atlanta, Boston, and Riverside, Calif., all gained three times more renters than their urban areas, a new analysis by Rent Café notes.
In the 20 metros that Rent Café analyzed, about 700,000 new suburban renter households were added during the five-year period from 2011 to 2015. On the other hand, the total number of new renter households was 600,000—or 100,000 less.