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Single-Family Rent Prices Are Surging to New Highs Across the U.S.

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Build to Rent

Single-Family Rent Prices Are Surging to New Highs Across the U.S.

Price gains for rental homes are hitting the double digits in many U.S. cities, particularly in the Sun Belt, where affordability is almost entirely out of sight

March 12, 2022
Build to rent family homes
Image: Stock.adobe.com

Bolstered by unrelenting demand amid a growing housing shortage, prices for single-family rental homes are reaching record highs in nearly every major market across the country, but the Sun Belt is recording the most significant gains, according to CNBC. Single-family rents grew a record 12.6% year-over-year in January, and cities like Miami, Orlando, and Phoenix are seeing the brunt of the nation’s growth with price increases of 38.6%, 19.9%, and 18.9%, respectively.

January marked the tenth consecutive month of soaring rental prices across the U.S., and more gains are still to come as unsuccessful homebuyers seek out a slight boost in build-for-rent inventory in the rental market.

“Single-family-rent growth extended its record-breaking price growth streak to 10 consecutive months in January,” said Molly Boesel, principal economist at CoreLogic.

Demand for single-family rentals is so strong partly because the market for potential homebuyers is so tough. Not only are home prices up 19% from a year ago, but the number of listings are still historically low. That means homes that are listed often sell in a matter of weeks, if not days.

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