HOUSTON – More renters mean more apartments and Houston had to build almost as many units as New York City in the decade, according to a study.
Experts at RENTCafé, an online source for apartment hunters, studied the changes in renting in the past 10 years. The data collected found that the renter population multiplied at double the pace of the owner population, with a 157% increase of high-earning Americans opting to rent.
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The number of renters in the U.S. surpassed 100 million, increasing by more than 9 million since 2010, according to data collected by RENTCafé from the U.S. census.
The study found that Houston ranks third in both apartment construction and resident migration.
In the past 10 years, Houston built 114,100 apartments, following New York City which built 125,100. The data shows Houston built 67,200 luxury units while NYC built 63,000.
Since 2010, more than 30,000 people have moved to Houston, with more than half relocating from the Dallas-Fort Worth area, according to the study.
Houston gained more renters in its suburbs than in the urban area. The study shows a net gain of 32,700 renters in the urban area while the suburbs received more than double that, with 78,800 renters.
Interested in the stats of other cities? Learn more at RENTCafé.