Marcus & Millichap is expecting the US to add roughly 400,000 new rentals in 2022, a record for the last few decades. Rental demand is anticipated to increase this year with rising interest rates and elevated single family home prices.

"The new supply will play a key role in appeasing the housing shortage," Marcus & Millichap predicts.

The Sun Belt is poised to account for one-fourth of the new units with Dallas-Fort Worth, Phoenix, Austin, Houston, Nashville and Atlanta leading the way with each expected to add more than 10,000 units in 2022.

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