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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.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

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