Single-family monthly rental rates increased from $2,212 to $2,330 at the close of the first quarter of 2023, compared to the same period in 2022 for a 5.3% increase, according to USA Today, which reported on a HouseCanary analysis that was shared exclusively with the publication. "This was despite a 75% increase in inventory year-over-year, from 36, 688 to 64, 210," USA Today noted.
SFR rents are rising even as multifamily prices are moderating, which begs the question why this cohort is tolerating the increase. One answer might be the changing profile of the SFR tenant.
John Burns Research and Consulting Group reported last week that the shifting demographic for these residents shows that they are renters by choice.
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