High prices for single-family homes are helping to drive renting in the suburbs, CNBC reported, citing a report from Point2Homes. The rental market research firm found that renters outnumber owners in 203 suburbs across the 20 largest metro areas in the U.S., including 15 suburbs that turned renter-majority in the space of five years.
Between 2018 and 2023, the number of renter households increased faster in the suburbs than in the main city in five of the 20 largest U.S. metros. Dallas led the way, followed by Minneapolis, Boston, Tampa and Baltimore, Point2Homes reported.
CNBC reported that mortgage costs price out prospective buyers in many in-demand areas. Average interest rates on the 30-year fixed home loan hover just under 7%, levels not seen since before the 2008 financial crisis. Some housing experts say the proliferation of rental properties–including single-family rentals–has helped keep suburban lifestyles accessible to people who otherwise couldn’t afford them, according to CNBC.
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