The work-from-home trends we have observed in the past 18 months has caused people to re-evaluate their space needs. As a result, single-family renting has become the fastest growing segment of the US housing market. As home prices continue to rise, home rental trends is expected to continue as many are priced out of home ownership.
Single-family rental units are the fastest-growing segment of the U.S. housing market. In fact, for the first time in the U.S., renter household growth outpaced U.S. homeownership. To that end, SFR rent growth was up 5.8 percent year-over-year. Work-from-home and learn-from-home compelled many Americans to reevaluate their living conditions. As people sought more space, both indoor and outdoor, they migrated to suburban areas where garden-style apartments and SFRs are more widely available. “Home prices keep shooting up, with no immediate end in sight,” says Todd Teta, chief product officer with ATTOM Data Solutions. “As long as that continues, there will likely be more households who want to rent because they are priced out of the market or because they don’t want to buy at the top of the boom and risk a downturn.”