Boulder Switches to a Renter Majority Market; Denver Still Favors Homeownership
The past decade witnessed a shift in the apartment market. According to a new RentCafé study, renting entered a downward trend in the latter half, going from 111 million renters mid-decade to 107 million by 2019. Despite this shift, 23 large and mid-sized cities transitioned to a renter majority, while homeownership took over 12 cities, after rebounding to almost 213 million owners nationwide.
Boulder officially became a
Here are the highlights:
- Boulder’s renter share increased from 48% to 53.2% in the last decade, thanks to a 20% surge in the city’s renter population. A little over 50K of Boulder’s residents are living in rental households.
- While renting has been gaining popularity in the city, the homeowners’ population declined by 2% in Boulder, going from over 45K to 44K residents this past decade.
- The Mile-High City continues to be a homeowner majority market, as the share of owner-occupied households went from 53.5% in 2010 to 54.4% by 2019. In the past decade, Denver added almost 73K owners and 51K renters.
- Colorado Springs follows the same trend as Denver. The share of owner-occupied households increased from 61% to 63%. The city added almost 41K owners this past decade, thanks to a 16% increase in its homeowner population.
- Homeownership also remains the norm in Aurora. Its share of owners grew from 59% to 62% in the last 10 years, thanks to a 21% rise in the segment. Currently, over 232K homeowners live in the city.