Looking for a NYC rental apartment? You are definitely not alone. A report last week from Morgan Stanley confirmed what everyone’s been thinking for a couple of years now: the whole country is more of a “rentership society” than it’s been in decades. In fact, the level of homeownership in America, when you exclude “deliquent buyers” from the pool (which amounts to about 7.5 million people), has for the first time ever dipped below 60%.
The US Census Bureau first began reporting this home owner/renter ratio back in 1965, and that year had stood as the record low (nearly 63% ownership) until now. The all-time high? That would be 2004, when ownership stood at almost 70%, due in large measure to loosened lending requirements. Which, of course among other things, ultimately led to many of those delinquencies, and the record low of today.
Anyway, things have always been different here in New York City, where rental apartments outnumber homes that are owned by two to one. In 2009, a whopping two-thirds, or 66%, of all homes in NYC were rentals, the highest such ratio in the country. New Yorkers: always ahead of the curve.