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Renters are choosing the suburbs over the Twin Cities

Why? It's cheaper, it's quieter and the schools tend to be better.
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Do millennials prefer the quieter life, or just the cheaper life?

The number of renters in Minneapolis and St. Paul has grown in recent years, but not as fast as it's grown in the suburbs, according to analysis of Census figures by Rentcafe..

Rentcafe found that in 19 of the 20 largest U.S. metros, renters are flocking to the suburbs rather than urban centers. The Twin Cities saw the fifth highest gain in suburban renters.

From 2011-2015, Twin Cities suburbs saw 28,300 new renters – a 15 percent rise – whereas the cities themselves saw renter numbers rise by 11,900 – or 7 percent, according to the property website's analysis.

It reflects a national trend and bucks the supposed popular opinion that younger people have been heading to cities since the recession, Rentcafe says, with many instead preferring the outskirts.

So what's driving them there?

Well unsurprisingly, one of the big factors is that rent is cheaper. Rentcafe found that in the suburbs, the average cost of rent was just under $1,100 per month, but in the cities it's around $1,270.

Young adults with children also find themselves attracted to the better schools and quieter communities.

The gap between urban and suburban renters in the Twin Cities is closing, with just 52.7 percent of renters living in Minneapolis or St. Paul, with the rest in the suburbs.

There are signs though that renters are looking for urban experiences in suburban locations, with the Star Tribune reporting in December that the demand for suburban apartments within walking distance of stores and other amenities is driving the construction of luxury apartments near suburban shopping centers.

The newspaper also notes that the dearth in housing supply and soaring prices are pushing more families towards renting.

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