Suburban renting is becoming more popular than urban renting for the first time in four years, and suburbs in Texas are topping the list of the country’s fastest-growing cities
Renting in the suburbs is becoming a trend as urban renting becomes more expensive, and suburbs in Texas are following suit.
New data from the US Census Bureau included the cities of Conroe, Frisco and McKinney as some of the fastest-growing cities with a population bigger than 500,000.
Suburbs in Texas filled up half of the top 10 fastest growing cities in the country, according to The Texas Tribune.
Between July 2015 and 2016, Texan cities placed on the top three with Conroe growing by 7.8%; Frisco by 6.2%; and McKinney by 5.9%. The city of Georgetown ranked fifth with 5.5% growth; New Braunfels placed ninth with 4.7% growth.
This increase in suburban renting is the first in four years – the monthly cost of rent in the suburbs is up 2.5%, versus a 2.3% increase in urban rent, as reported by Zillow.
“Rents themselves are still lower in the suburbs, but if demand keeps growing for suburban rentals and supply continues to lag, that will also start to change,” Zillow Chief Economist Svenja Gudell said. “As more formerly urban renters move to the suburbs in coming years, we'll likely start seeing more apartment buildings and walkable amenities popping up in those communities."
Related stories:
Suburban renting on the rise
Construction of single-family built-for-rent homes declines
New data from the US Census Bureau included the cities of Conroe, Frisco and McKinney as some of the fastest-growing cities with a population bigger than 500,000.
Suburbs in Texas filled up half of the top 10 fastest growing cities in the country, according to The Texas Tribune.
Between July 2015 and 2016, Texan cities placed on the top three with Conroe growing by 7.8%; Frisco by 6.2%; and McKinney by 5.9%. The city of Georgetown ranked fifth with 5.5% growth; New Braunfels placed ninth with 4.7% growth.
This increase in suburban renting is the first in four years – the monthly cost of rent in the suburbs is up 2.5%, versus a 2.3% increase in urban rent, as reported by Zillow.
“Rents themselves are still lower in the suburbs, but if demand keeps growing for suburban rentals and supply continues to lag, that will also start to change,” Zillow Chief Economist Svenja Gudell said. “As more formerly urban renters move to the suburbs in coming years, we'll likely start seeing more apartment buildings and walkable amenities popping up in those communities."
Related stories:
Suburban renting on the rise
Construction of single-family built-for-rent homes declines
