Zillow is reporting that US renters paid more than $4.5 trillion in rent during the period between 2010-2019 according to a new report. In 2019 alone renters paid $512 billion in rents throughout the country. The state that led the way with the most amount paid in rent during the decade was New York.
According to Zillow they way the calculated total rent paid, “Zillow estimated the number of renter households in each metro area based on the U.S. Census Bureau’s 2005 through 2017 American Community Surveys (ACS), and households counts and homeownership rates from the Current Population Survey/Housing Vacancy Survey (CPS/HVS). ACS microdata files were downloaded from the University of Minnesota, IPUMS-USA. We then summed the monthly Zillow Rental Indexes (ZRI) for each month, including a forecast for November and December 2019”.
An interesting tidbit about the amount of rent paid is that the total rent paid during the decade was more than the GDP of Germany which was $4 trillion. The rent paid in 2019 ($512 billion) was up 2.9% from 2018 which was $497.9 billion. The number of U.S. renters in 2019 was to 43.6 million.
The top cities for rent paid in 2019 were New York, New York and Los Angeles, California. They are the top 2 markets in the United States. In 2019, New York City renters paid $56,580,006,757. Los Angeles came in a distant second at $39,192,627,213. Rounding out the top 5 rental paying markets for 2019 were San Francisco, CA ($16,444,727,959) at #3, Chicago, IL ($15,196,902,674) at #4 and Washington, DC ($15,135,672,434) at #5.
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