Renters lead U.S. Cities

According to a new report, renters are the majority of the population in main metro cities now. Owning a home can be expensive in cities, thus cities usually have more renters than suburban areas.

A report by New York University’s Furman Center and Capital One Financial Corp., announced a noticeable shift in city renters. Demand for apartments keeps rising, inadequate supply drives vacancy rates to fall, rents rise, renters then struggle with housing costs.

Entry-level and middle-income jobs makes young people want to rent apartments. Texas, Dallas, and Denver are all examples. Even a new project manager in Houston chose to rent an apartment because he didn’t want to make a rush decision about buying a house.

So what's the reason for all of this? Well, low incomes and and a lack of savings are among the top factors for making the decision to rent as opposed to buying. Further more, the down payment required for buying a house can be a shock factor when compared to paying rent. Miami has become the largest renters markets with 65% of the population renting. NYC is no longer the leader; they have seen their renter’s percentage declining since 1970. Philadelphia has the smallest renter percentage with 64% as homeowners and 36% as renters. It's still to be seen if the percentage of renters will continue to rise in most cities. 

Click here for the full story from The Wall Street Journal, or click here for more Front Street news... 

 

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Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

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