The number of renter households in the country rose 1.9% in the second quarter, outpacing homeowners. Renter households grew at second-fastest pace since 2021, while homeowner households grew at slowest pace since 2019.
Rise in renters has been attributed partly to homebuying costs rising faster than rents. More people are choosing to rent due to high home prices, mortgage rates, and stagnant incomes.
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