The number of renters is growing much faster in the suburbs than in the city, which is surprising in a market where developers are focused on providing a live-work-play environment.
Metro areas haven’t gained as many renters as expected. During a 5-year period from 2011 through 2015, suburban areas were clearly outpacing urban areas in 19 of the 20 largest metros, according to Census ACS data analyzed by RentCafe.
Chicago saw a 12 percent increase in suburban renters during that time period, while the city’s metro only saw a 6 percent increase during that time. Rent averages could play a role in the gap between renters in the suburbs and city. In Chicago the average suburban rent is $1,135 while in the city it is $1,643.
However, out of the 20 largest metros, Chicago had the second largest metro renter growth. And when you look at where the total number of renters, the metro has 56 percent of them. In addition, cities have been flooded with new apartment buildings in the last few years. Between 2011 and 2015 in the 20 metros studied, a total of 300,000 new apartments were built compared to about 180,000 in the same suburban markets.
