A recent Redfin report revealed that renter households in the U.S. grew 1.9% year-over-year in the second quarter, reaching a record 45.2 million. This growth outpaced the 0.6% increase in homeowner households, which now total 86.3 million. Renter household growth peaked at 2.8% in early 2024, the highest since 2015. To accommodate rising demand, multifamily housing construction has surged, with 563,000 new units added annually—the second-fastest pace since 1994. However, Redfin’s report noted that a recent slowdown in building permits and construction starts may drive up rents in the future.
Source: https://www.redfin.com/news/renter-household-growth-2024/
