One million. That’s the number of new rental households the U.S. added in 2011, according to "The State of the Nation’s Housing 2012" report, released today from the Joint Center for Housing Studies (JCHS) at Harvard University. That's the largest reported increase of renter households since the early 1980s.
Since 2005, 4.4 million new renters have emerged. While individuals under the age of 25 constituted 4.7 million of the new renters from 2006 to 2011, 25 to 34-year-olds accounted for fully 645,000 new net renter households in this time period. From 2001 to 2006, that group produced a net loss of 328,000 households. Eventually, these people plan to own, but it won’t happen overnight.
Read more...One Million Renters Added in 2011, Married and Higher Income Renter Populations Grow, New Report Shows - Demographics - Multifamily Executive Magazine