According to a new report from Harvard's Joint Center for Housing Studies, this trend has fueled development of luxury apartment buildings in major metros, and will continue to grow as more baby boomers downsize.
"I think it reflects a change in attitude coming out of the housing crash and a greater appreciation for the virtues of renting," Chris Herbert, managing director of the JCHS, told CNBC, adding, "There had certainly been a bias toward owning being a better choice, and that is something people are weighing more carefully now."
Congress is also giving them new reasons to rent. The Republican tax plan will likely remove some of the deductions that favor homeownership. "They're really saying why bother owning? It will be interesting to see going forward how many people opt for rentals because there's no value in it," said Jane Fairweather, high-end realtor in Bethesda, Maryland.
