From 1940 to 1960 across 20 large U.S. cities, rental housing's price fell, renters’ incomes rose, rent's share in household budgets fell, and, as expected, renters’ real housing consumption increased. From 1970 to 2010, rental housing's price increased, renters’ incomes decreased, but, unexpectedly, renters’ real housing consumption increased. We find neither demographics nor housing supply factors account for the anomalous post‐1970 increase in renters’ housing consumption. We conclude that after 1970 there was a nationwide increase in renters’ preferences for housing consumption. With incomes falling, renters increased housing consumption by decreasing consumption of other necessities including food, clothing, and transportation.