More and more people are choosing to rent, economists are finding, but Apartment List found in a recent study that one particular — and somewhat surprising — segment of the rental market is booming: high-income renters.
The report deems those with six-figure incomes as high-income renters, and a growing number in this income bracket are choosing to rent their homes instead of buying. On a national basis, almost two million (or 48 percent of) high-income households became renters between 2007 and 2017.
“In Dallas specifically, high-income renters grew 91 percent from 2008-2017,” said Apartment List research associate Rob Warnock.
Why? At least in Dallas, it may be the sheer volume of luxury apartments available. (more…)