Rents appear to be cooling for the pandemic-favorite single-family rental asset class, according to new data from Yardi.
National asking rents for the SFR sector increased $2, or 9.5% year-over-year, last month, a decline of 170 basis points from July. Yardi analysts say the slump "could be a sign of the softening of the housing market, though overall SFR rent levels and occupancy rates remain healthy."
Occupancy rates ticked down 1% nationally and increased in just 9 of the 35 metros Yardi tracks. Markets where occupancy increased in August include Philadelphia, Houston, Lansing, Pittsburgh, Cleveland, Raleigh, Orange County, San Francisco, and Dallas.
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