Wednesday, September 26, 2012

Minorities and Higher-Income Housholds Dominate Increase in Renters

Between 2001 and 2011 the number of renters increased by 5.1 million -- the largest number in the postwar era.  A full 1 million renters were added in 2011 alone, the most since the early 1980's. 

Married couples comprised 50 percent of the growth in renter households from 2006-2011. 

As the number of renters has been increasing, multifamily housing starts have increased to an annual rate of 225,000 in early 2012 -- still far short of the 340,000-unit annual average seen in the decade prior to 2007-2009.  In many markets, developers are planning substantially more multifamily construction, leading to the current debate over whether certain U.S. markets will soon be oversupplied. 

Read the complete 2012 Harvard Study "State of the Nation's Housing."