11:33 AM EDT, 08/02/2024 (MT Newswires) -- The ratio of renter households in the US grew about three times faster than homeowner population growth during the second quarter, Redfin (RDFN) said Friday.

The number of renter households rose 1.9% year over year in the June quarter to a record 45.2 million, according to the real estate brokerage. The growth rate was still lower than the 2.8% peak in the first quarter. The number of homeowner households grew at the slowest pace since 2019, increasing by 0.6% to a record 86.3 million.

Some 34% of total households in the US are renters, with Los Angeles, San Diego and New York having the highest shares, according to the Redfin report.

The renter population is increasing due to homebuying costs that have risen "much faster" than rents, Redfin said. The median apartment asking rent rose less than 1% in June compared to last year, while the monthly mortgage payment increased about 5%.

"Mortgage payments climbed because home prices hit a record high and mortgage rates, while below their recent peak, were more than double the all-time low hit during the pandemic," Redfin wrote. Homebuying costs fell "a bit" in July but they are yet to attract buyers.

"The cost of both renting and buying a home has skyrocketed in recent years, but the affordability crunch isn't quite as severe in the rental market," Redfin Senior Economist Sheharyar Bokhari said. "That's because America has been building a lot of apartments to keep pace with robust demand from renters."

The US has added new multifamily housing units at an annual rate of 563,000 as of the June quarter, reflecting the second fastest pace in records dating back to 1994, the real estate brokerage said. This construction boom has helped narrow the gap caused by a housing shortage in the country. However, new multifamily building permits and starts have slowed, which could drive asking rents higher in the coming years, according to the report.

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