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Daily Real Estate News  |  May 31, 2011  |   More Homes Become Rentals, Census Says
Nearly 35 percent of occupied homes were rented in 2010, which is an increase of 33.8 percent from 2000, according to a USA Today analysis of U.S. Census data of more than 500 midsize and large cities.

Since the peak of the housing market in 2006, the number of renter households has grown--on average, by 692,000 a year--while the number of owner households is shrinking--on average, by 201,000 a year, according to the Census data.

In some places, the increase in the percentage of homes that are rented rather than owned has been even more evident. For example, Irvine, Calif., went from about 40 percent of occupied homes rented in 2000 to 49.8 percent in 2010; Philadelphia increased from 40.7 percent to 45.9 percent; and Birmingham, Ala., increased from 46.3 percent to 50.7 percent, the USA Today reports.

Cities such as Baltimore, Minneapolis, Sacramento, and Salt Lake City also saw the majority of occupied homes shifting from owner-occupied to renter-occupied. between 2000 and 2010, according to the analysis.

View a chart at USA Today to see the owner-to-tenant breakdown of all 500 cities in the analysis.

Source: “More Than 500 Cities See More Homes Become Rentals,” USA Today (May 31, 2011)



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