According to recent findings by Point2Homes, the trend of renting has increased significantly in suburbs from 2018 to 2023, with 15 out of 20 suburbs becoming majority-renter communities. Cities like Dallas and Boston have seen renters move into suburban areas faster than urban centers. Homeownership challenges persist due to rising mortgage rates, now close to pre-2008 levels, leaving many seeking affordable housing options. Consequently, the surge in rental properties reflects broader national issues of housing affordability and changing demographic patterns.
Between 2018 and 2023, rentership surged by at least 5 percentage points in 11 out of 20 suburbs surrounding the largest U.S. metro areas, according to a recent analysis by Point2Homes.
In five of those top 20 metro areas - Dallas, Minneapolis, Boston, Tampa and Baltimore - the suburbs are gaining renters faster than the urban centers they surround, Point2Homes found.
Housing affordability is a nationwide problem spanning cities and suburbs alike. Mortgage costs have risen sharply since the pandemic, pricing out many prospective buyers.
The share of residents who rent surged in the Dallas suburbs by 17.6% from 2018 to 2023, while that rate rose just 7.9% in the city itself.
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