Renters are likely to spend more, both as a percentage of their income and in total, on housing in 2014 than in previous years, as the rental trend become stronger, according to recent analyses.
In fact, many Americans now call homeownership overrated and say it isn't an important life goal for them, according to John Kobs, CEO and co-founder of ApartmentList.com.
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With demand outstripping supply, particularly in key metropolitan areas, landlords are charging more, he said.
In New York, only 2 percent of rentals in Manhattan are vacant, while 3.8 San Francisco has just a 3.8 percent vacancy rate, ApartmentList data indicate.
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Those compare with a national vacancy rate of about 8.3 percent, it said.
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