A growing number of Americans have come to accept that they might not be able to afford to buy the idyllic suburban home of their dreams anytime soon—so instead, they are choosing to rent one.
In recent years, the supply of rental properties in suburbs surrounding many major metros has surged, driven by both new construction and changes in tenure—meaning that homes once occupied by owners are being rented out to tenants.
Realtor.com® senior economist Jake Krimmel analyzed data from the latest American Community Survey between 2018–23 and found that the rise in suburban rentals could be seen in metros that saw a boom in new construction, such as Austin, TX, Nashville, TN, and Denver, as well as in cities with low construction rates, among them Boston, Philadelphia, and Washington, DC…