The Rise of Renters: Housing in the Decade Ahead

There are now more Americans renting than at any other time in U.S. history. Over the last decade, the share of renter households in the U.S. has increased significantly as homeownership rates have fallen from 69.2 percent in 2004 to 63.4 percent in 2015, the lowest level since 1967, according to a recent joint report by the Joint Center for Housing Studies of Harvard University and Enterprise Community Partners. In addition, it is projected that over the next decade, the majority of new household formation will be renters, a reversal from the trend of the past few decades. As such, the demand for rental housing will continue to grow. In addition, renters will be coming from more diverse socioeconomic backgrounds.