Almost a quarter of all single-family homes in South Florida were rentals last year, reports Paul Owers for the Sun-Sentinel.
In Palm Beach, Broward and Miami-Dade counties, 22 percent of the 904,700 homes were used as rentals in 2015, according to U.S. Census data analyzed by real estate website Zillow.com. That's up from 19.5 percent in 2014, and it's the highest percentage since 2005, the first year the figures were calculated annually, Zillow said.
Millennials may be the driver of this trend.
Traditionally, renters have been young, single professionals living in apartments, but more families are turning to single-family rentals because they've postponed home ownership or they can't afford to buy, housing analysts and counselors say.