Trulia recently reported the shift in homeowners to renters, a phenomenon that has shifted the real estate market substantially since the housing market crash. According to American Community Survey data, between 2006 and 2014, the amount of renters increased 5 percent to 43.3 percent.
Among those that were significantly impacted, older millennials, Hispanic households and the upper-middle class and wealthy most prominently shifted from being owners to renters.
Each metro has a different shift in renters. In Washington, D.C. there were a reported 38.6 percent renters in 2014, which was a 5.5 percent increase over 2006.
Rents have substantially increased in Washington, D.C., but that didn’t stop renters. The median rent in 2006 was $1,080 and in 2014 it was $1,500. That makes for a 38.9 percent change in rental prices.