Rents for single-family homes are rising three times as fast as they were a year ago

Demand for single-family rental homes is so strong that rents have nowhere to go but up, and they are rising at an increasingly fast pace.

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.

https://www.cnbc.com/2021/12/21/rents-for-single-family-homes-are-rising-3-times-as-fast-as-2020.html

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