If you thought of the cast of “Friends” (but poorer), you weren’t wrong. Historically, renters have been young and single, with low to mid incomes and typically less education than their homeowning counterparts.

But, over the past decade, while the rest of the world was busy hyper-focusing on millennials, something happened. The demographics among renters shifted, and not how you’d expect either. Here’s how the face of American renters has changed over the past decade, and what it means for real estate investors.

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