How has the renter share of U.S. households changed?

Q: How has the renter share of U.S. households changed?

The U.S. renter share peaked at 37% in 2016 and has declined modestly to approximately 34% in 2024. Long-run, the renter share has stayed in a 30–40% range since the 1960s. Census Bureau data on housing-unit tenure (owner vs. renter) goes back to 1960. The renter share has been remarkably stable in the post-war era, with cycles driven primarily by demographic and credit-market factors. Renter share by year 1960: 38% 1970: 37% 1980: 35% 1990: 36% 2000: 33% 2004: 31% (homeownership peak) 2010: 33% 2016: 37% (renter share peak, post-crisis) 2020: 34% 2024: 34% What drives the cycle The renter share rose 6 percentage points from 2004 to 2016 — driven by foreclosures (4.5M+ households), tighter post-Dodd-Frank mortgage credit, and Millennials entering the housing market during a recession. The decline since 2016 reflects Millennials gradually becoming homeowners as their incomes rose and credit conditions normalized. The composition of renters U.S. renters are increasingly older. The share of renters aged 50+ has risen from 18% (1990) to 28% (2024), driven by retiree downsizing into rental units. The share of renters aged 20-34 has been stable at roughly 35-40% over the same period. The institutional-owner shift One major change since 2010: institutional investors (single-family rental funds like Invitation Homes, American Homes 4 Rent) own roughly 1% of single-family rental units — but in specific Sun Belt markets (Phoenix, Atlanta, Charlotte, Tampa), institutional ownership reaches 5-10% of all single-family rentals.

Question

Short answer. The U.S. renter share peaked at 37% in 2016 and has declined modestly to approximately 34% in 2024. Long-run, the renter share has stayed in a 30–40% range since the 1960s.

Census Bureau data on housing-unit tenure (owner vs. renter) goes back to 1960. The renter share has been remarkably stable in the post-war era, with cycles driven primarily by demographic and credit-market factors.

Renter share by year

1960: 38%
1970: 37%
1980: 35%
1990: 36%
2000: 33%
2004: 31% (homeownership peak)
2010: 33%
2016: 37% (renter share peak, post-crisis)
2020: 34%
2024: 34%

What drives the cycle

The renter share rose 6 percentage points from 2004 to 2016 — driven by foreclosures (4.5M+ households), tighter post-Dodd-Frank mortgage credit, and Millennials entering the housing market during a recession. The decline since 2016 reflects Millennials gradually becoming homeowners as their incomes rose and credit conditions normalized.

The composition of renters

U.S. renters are increasingly older. The share of renters aged 50+ has risen from 18% (1990) to 28% (2024), driven by retiree downsizing into rental units. The share of renters aged 20-34 has been stable at roughly 35-40% over the same period.

The institutional-owner shift

One major change since 2010: institutional investors (single-family rental funds like Invitation Homes, American Homes 4 Rent) own roughly 1% of single-family rental units — but in specific Sun Belt markets (Phoenix, Atlanta, Charlotte, Tampa), institutional ownership reaches 5-10% of all single-family rentals.

Sources

U.S. Census Bureau Survey of Construction; National Association of Realtors Existing Home Sales report; Freddie Mac Primary Mortgage Market Survey; National Bureau of Economic Research Business Cycle Dating Committee.