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Los AngelesThe number of rental households earning more than six-figures in annual income is growing. According to a new report from Apartment List, high-income rental households grew by 33% in the last decade, showing that high-income earners are choosing to rent rather than buy a home. The reasons for this trend are potentially vast, and include affordability problems, scarcity of home product and a newfound cultural preference of renting over owning.

“Both “push” and “pull” factors are driving the growth of high-income renters,” Rob Warnock, research associate at Apartment List, tells GlobeSt.com. “Some high-earners are being pushed into the rental market simply because of the scarcity of affordable home-buying options. Others are being pulled or drawn into the rental market by the abundance of rental options that cater to whatever lifestyle they want to live. We have witnessed a boom in multi-family rentals for those who prefer density and centrality, alongside a boom in single-family rentals for those who prefer more space.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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