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Year-Over-Year Rents for Single-Family Homes Are Rising Quickly

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Build to Rent

Year-Over-Year Rents for Single-Family Homes Are Rising Quickly

Some markets are reporting three times the annual growth seen in years past

December 22, 2021
single family rental home
Image: Stock.adobe.com

While vacancy rates for single-family rental homes are at a 25-year low, rents jumped up 10.9% year-over-year for the month of October, over three times the annual growth reported in October 2020. Rising prices are partially a result of a more crowded market comprised of would-be buyers turning to rental properties instead. 

With increased demand and very little supply, rent growth is strong in every price tier. Higher-priced units are seeing the greatest increase at a rate of 11.4%, up from 3.5% in October 2020, according to CNBC. 

Single-family rents in October were up 10.9% year over year, according to the latest report from CoreLogic. That is three times the 3.2% annual growth seen in October 2020. The jump comes as too much demand meets not enough supply. Vacancy rates on these homes are now at a 25-year low, as an increasingly competitive and pricey for-sale housing market drives more potential buyers to rentals.  

“Single-family rent growth hit its sixth consecutive record high in October 2021, mirroring record price increases in the for-sale housing market,” said Molly Boesel, principal economist at CoreLogic. 

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