In many situations, owning a home is considered a better option than renting. A home is a financial asset that may appreciate over time, and a mortgage may resemble a long-term investment. However, as housing prices rise, many Americans are turning to renting as a more accessible option. Landlords in some areas are seeing an influx in applications to rent properties, both commercial and residential.
Renting Statistics in 2021
In April of 2021, The Zebra surveyed 1500 Americans for insight into renting patterns and home buying data. An overview of the statistics reveals that most Americans purchase their homes young, pay a reasonable monthly rent, and have some combination of bundled insurance products to protect their assets.
Below are more statistics about the rental industry in the US in 2021:
- The national average rent for an apartment was $1,474 in December 2019.
- According to Apartment Guide in June 2021, New York City, NY has the highest rent in the nation.
- The average tenant has a credit score of around 650. This means that tenants are less credit-worthy.
- In 2015, 74.4% of rental properties were owned by individual investors and not corporations.
- Less than one-third (28%) of tenant applicants have a criminal record.
- On average, landlords screen two applicants per property.
- There are about 2,654 new renters every day.
- 91 of the 100 largest U.S. cities have seen rent increases over the last year.
- 49% of American renters are under 30.
- 77% of the people in the US prefer to rent instead of buying a home.
- The average gross rent was $1,164 in 2019.
- Rent prices nationwide increased by almost 50% from 2007 to 2017.
- There are more people renting now than at any point since 1965
- 127 working hours is the weekly requirement for minimum wage earners to afford the average apartment.
- Only 37% of renters have renter’s insurance.
- The average monthly premium for renters insurance is about $15 a month, coming out to $180 a year.
- 17% of renters live in a duplex.