Single-family rentals (SFR) are fueling rent growth across the country as homeownership remains challenging due to significant upfront costs and unpredictable mortgage rates.
The asking rent for a typical single-family home was $2,174 in December, according to Zillow data. That’s up 4.4% from last year and 40.6% over the past five years. By comparison, multifamily rents grew just 2.4% from last year and 26.2% over the past five years, according to Zillow’s data.
“As of December, single-family rents were 20% higher than multifamily rents, which is the greatest disparity between these two subsets since Zillow began tracking this data in 2018,” the report said.
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