Trulia recently reported the shift in homeowners to renters, a phenomenon that has shifted the real estate market substantially since the housing market crash. According to American Community Survey data, between 2006 and 2014, the amount of renters increased 5 percent to 43.3 percent.
Among those that were significantly impacted, older millennials, Hispanic households and the upper-middle class and wealthy most prominently shifted from being owners to renters.
Each metro has a different shift in renters. In Miami, a reported 47.2 percent of its population were renters in 2014, which was a 7.2 percent increase over 2006.
[Tweet “Miami renter population grew 7.2 percent from 2006-2014”]
Rents have substantially increased in Miami, but that didn’t stop renters. The median rent in 2006 was $870 and in 2014 it was $1,074. That makes for a 23.4 percent change in rental prices.