Dive Brief:

• Renters outnumber homeowners in nine of the country’s 11 largest metropolitan areas, according to a new report by New York University’s Furman Center and Capital One Financial Corp.

• That’s the case even in cities where homeownership is affordable or where the supply of for-sale housing is greater than the availability of rental units, the study said. The demand for apartments is growing so fast, the report noted, that in some cities, it outpaces availability—and that puts a premium on rents.

• Miami has the largest proportion of renters—65% of the population—followed by New York. Philadelphia has the lowest percentage of renters among the 11 cities at 44%.

Dive Insight:

While many tenants choose a lifestyle free of the financial and time obligations that come with homeownership, others rent because their low incomes, lack of savings, or poor credit scores prevent them from saving for down payments and qualifying for mortgages.

Most economists predict that as the economy continues to improve, wages will increase and young adults will make the transition from rentals to their first purchased homes.