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|October 17, 2017|
More affordable rents inflict growing pains
INLAND EMPIRE – (INT) – A new study comparing residential rents would imply that the suburban lifestyle is alive and well.
An analysis of Census ACS data shows that urban areas have been clearly outpaced by suburbs in terms of increased numbers of renter households in 19 out of the 20 largest U.S. metro areas between 2011-2015.
In fact, the apartment search website RENTCafé found the Riverside-San Bernardino-Ontario area was leading the way with 60,500 new renter households in the suburbs: the biggest net gain in the country, while urban areas were left way behind with just 18,000 renter households. That's a 23% increase of occupied rental units in the suburbs vs. 13% in urban locations.
Researchers also found:
· Rents are cheaper in the suburbs in 18 out of the 20 metros studied. In fact, renters can even save about a month’s worth of average rent in one year if they choose a suburban lifestyle instead of living in the city.
· In 8 metros there are more renters living in the suburbs than in cities. Riverside is again in the lead with 68% of its renters living in suburbs, but St. Louis steals the first place with 70%.
· Rental options are becoming more attractive in suburban areas, upgrading the existing stock with city-like amenities.
With the growing popularity of the suburban lifestyle, suburban markets may just become the next hot thing in multi-family living.
Story Date: May 23, 2017