One reason for the elevated demand by renters as well as their longer tenure is that the US housing market has been shut off to them because of high mortgage rates, and to a lesser extent, lack of inventory.

But Realtor.com has identified 14 markets where inventory is rising to pre-pandemic levels. They share some common traits, writes Evan Wyloge, starting with the unsurprising fact that most are in the Sunbelt and some experienced a population boom during COVID-19 as homebuyers sought out bigger homes in warmer climates.

It is possible these cities could represent a broader loosening of supply. "Our inventory conditions are, for the most part, improving across the US," says Hannah Jones, a senior economic analyst at Realtor.com. "This summer and fall could be better in terms of more inventory, which could take some pressure off of prices, or at the very least, it could dampen price growth."