#906 - Rents for single-family homes are rising three times as fast as they were a year ago
News For Reasonable People
English - January 02, 2022 11:00 - 24 minutes - 17.3 MB - ★★★★★ - 7 ratingsInvesting Business Entrepreneurship san francisco trending news protests defund the police antifa blm seattle conservative republican journalism Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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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