How likely you are to rent may depend on a whole host of factors, such as your age, the cost of living in your area and your financial stability. But, if you want to look at the big picture, let’s take a look at how many people choose to rent.
The reality is that the numbers are sky-high. A report from 2017, for instance, noted that there were more renters in America than there had been since all the way back in 1965. The report put it at 36.6%. That’s slightly more than a third, or one out of every three people. It is worth noting that the report just looked at “household heads” so as not to skew the statistics with families all renting or owning under the same roof.
In the decade before the study, the total number of American households increased notably. It went up by about 7.6 million in 10 years. The overall renter percentage in that same time went up by about 10%, showing that more and more of these households were renters. At the same time, the ownership numbers stayed “relatively flat.” They even dropped slightly.
What does this mean for landlords and tenants? There are a lot of implications here, starting with the fact that the increasing demand could drive up rental prices. It also raises questions about why the newest household heads in the last decade are buying homes at such a lower rate than those who came before them.
Overall, though, it means that landlords and tenants may run into increasing issues with one another, and both sides need to make sure they know their legal rights.