In June, rents rose 11.1% and occupancy increased 1.1% year-over-year in the single-family rental sector, according to Yardi Matrix.
"The demand for the SFR sector is holding strong as people continue to seek more space," according to Yardi. "The competitive housing market, driven in part by a lack of supply, is also sending would-be buyers to the SFR space."
The sector's strength was widespread. Each of the 30 top metros tracked by Yardi posted YOY rent growth in June. Seventeen of those markets had double-digit rent growth, while 24 had flat or increasing occupancy on a YOY basis in May. Showing the massive appeal of sunbelt markets, Tampa (31.3%), Phoenix (23.9%) and Miami (23.6%) posted the strongest YOY rent increases in June.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
