{"id":504971,"date":"2024-08-05T13:55:46","date_gmt":"2024-08-05T17:55:46","guid":{"rendered":"https:\/\/www.rent.com\/research\/?p=504971"},"modified":"2024-08-05T13:58:39","modified_gmt":"2024-08-05T17:58:39","slug":"north-port-fl-rentership-rates","status":"publish","type":"post","link":"https:\/\/www.rent.com\/research\/north-port-fl-rentership-rates\/","title":{"rendered":"North Port, FL Has One of the Lowest Renter Populations in the U.S. \u2013 Here’s Why"},"content":{"rendered":"\n

Just 23% of residents in North Port are renters, among the lowest shares in the nation.<\/h3>\n\n\n\n

North Port, FL<\/a>, conveniently located between Tampa and Fort Myers, is home to an affordable housing market that\u2019s remained relatively stable in recent years. Surrounded by tropical landscapes, the city is home to beautiful weather and laid back living, making it an appealing place to live. And paired with relatively affordable housing, people have been taking advantage of this and moving to the city in droves<\/a>. <\/p>\n\n\n\n

But what\u2019s happening with the rental market? And why do so many people own a home in North Port? Read on to learn everything you need to know. <\/p>\n\n\n\n

77% of North Port residents are homeowners; 23% are renters<\/h2>\n\n\n\n

76.7% of North Port residents own their home \u2013 among the highest share on record. In fact, North Port has actually seen a general decline in rentership since 2019, helping push it to the second-highest homeownership spot in the nation. Just 23.3% of residents in North Port are renters. <\/p>\n\n\n\n

A major reason for the low rental rate is likely the housing market. House prices have been consistently rising across the country, but have actually fallen in North Port over the past few months. The median sale price<\/a> for a home in North Port<\/a> is $370,000, well below the national median of $442,000. <\/p>\n\n\n\n

Another reason for the low rentership rates could be due to the large number<\/a> of condos in the state, although a growing number of owners<\/a> are putting their condos on the market due to skyrocketing insurance and safety costs<\/a>. <\/p>\n\n\n\n

What\u2019s happening with nationwide rentership rates?<\/h2>\n\n\n\n

Nationwide, the rentership rate rose 1.9% year over year to 34.4% in the second quarter of 2024, meaning over one-third of Americans are renters. In contrast, homeownership saw a modest 0.6% increase, but remains much more common at 65.6%.<\/p>\n\n\n\n

This is the third-straight quarter that rentership outpaced homeownership. The last time this happened was in 2022, when mortgage rates rose to the highest level since 2008<\/a>. Rentership consistently outpaced homeownership from 2006-2017, as well. <\/p>\n\n\n\n

Rentership rates vary widely throughout the country and are generally correlated to house prices \u2013 the more expensive houses are, the more people will be pushed into renting. If house prices are lower, people generally have more freedom to choose if they want to rent or buy. <\/p>\n\n\n\n

As such, one reason for the increase in rentership is because homeownership is historically unaffordable<\/a> and showing little sign<\/a> of improving. Another reason is because rental supply has more or less kept up<\/a> with increasing demand. However, in places where housing is particularly affordable, homeownership tends to be the more popular option.<\/p>\n\n\n\n

Which U.S. metros have the lowest share of renters?<\/h2>\n\n\n\n

In particularly affordable metros, like Worcester, MA (23%) and North Port, FL (23%), rentership rates are the lowest. A lack of rental inventory and zoning restrictions<\/a> also play a role.<\/p>\n\n\n\n

Metros with the lowest share of renters<\/h3>\n\n\n\n
Metro<\/strong><\/td>Rentership rate<\/strong><\/td>Homeownership rate<\/strong><\/td><\/tr>
Worcester, MA<\/a><\/td>23.2%<\/td>76.8%<\/td><\/tr>
North Port, FL<\/a><\/td>23.3%<\/td>76.7%<\/td><\/tr>
Albany, NY<\/a><\/td>25.6%<\/td>74.4%<\/td><\/tr>
Rochester, NY<\/a><\/td>25.7%<\/td>74.3%<\/td><\/tr>
Syracuse, NY<\/a><\/td>26.2%<\/td>73.8%<\/td><\/tr>
Cape Coral, FL<\/a><\/td>26.3%<\/td>73.7%<\/td><\/tr>
Cincinnati, OH<\/a><\/td>26.8%<\/td>73.2%<\/td><\/tr>
Hartford, CT<\/a><\/td>27.2%<\/td>72.8%<\/td><\/tr>
Richmond, VA<\/a><\/td>27.7%<\/td>72.3%<\/td><\/tr>
Albuquerque, NM<\/a><\/td>27.7%<\/td>72.3%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Which U.S. metros have the highest share of renters? <\/h2>\n\n\n\n

Rentership rates are the highest in expensive coastal metros like Los Angeles (53%) and San Diego (52%), where house prices regularly surpass<\/a> $1 million. Prices are also tied to available rental supply.<\/p>\n\n\n\n

Metros with the highest share of renters<\/h3>\n\n\n\n
Metro<\/strong><\/td>Rentership rate<\/strong><\/td>Homeownership rate<\/strong><\/td><\/tr>
Los Angeles, CA<\/a><\/td>53.0%<\/td>47.0%<\/td><\/tr>
San Diego, CA<\/a><\/td>52.4%<\/td>47.6%<\/td><\/tr>
New York, NY<\/a><\/td>50.1%<\/td>49.9%<\/td><\/tr>
Fresno, CA<\/a><\/td>49.0%<\/td>51.0%<\/td><\/tr>
Austin, TX<\/a><\/td>46.3%<\/td>53.7%<\/td><\/tr>
San Jose, CA<\/a><\/td>44.8%<\/td>55.2%<\/td><\/tr>
Honolulu, HI<\/a><\/td>42.5%<\/td>57.5%<\/td><\/tr>
San Francisco, CA<\/a><\/td>41.8%<\/td>58.2%<\/td><\/tr>
Las Vegas, CA<\/a><\/td>41.6%<\/td>58.4%<\/td><\/tr>
San Antonio, TX<\/a><\/td>40.9%<\/td>59.1%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Methodology<\/h2>\n\n\n\n

Based on a Redfin analysis<\/a> of U.S. Census Bureau data for the 75 largest U.S. metros. A renter household is defined as one where the head of the household reports to the Census that they are renting out the property. A homeowner household is one where the head of household reports they own the property.<\/p>\n","protected":false},"excerpt":{"rendered":"

Rentership rates are rising nationwide, as housing continues to be unaffordable. But not in North Port, where just 23% of people rent. What\u2019s behind this?<\/p>\n","protected":false},"author":1022,"featured_media":483286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[250,19835,19832,19828],"tags":[],"topics":[202],"renters":[],"cities":[],"propertymanagement":[],"class_list":["post-504971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industry-trends","category-renting-trends","category-research","topics-news-trends"],"acf":[],"yoast_head":"\nMost Residents in North Port, FL Own a Home: Why? | Rent. Research<\/title>\n<meta name=\"description\" content=\"Rentership rates are rising nationwide, as housing continues to be unaffordable. But not in North Port, where just 23% of people rent. 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