Nearly 4 million more single-family homes have been added to the rental market since 2005. This new supply has fully caught up with the increased rental demand during the housing crisis – causing single-family home rents to flatten nationwide.
Nationally, rents rose 2.4 percent year over year. For apartments only rents rose 2.9 percent Y-o-Y, while rents for single-family homes were flat, rising just 0.1 percent Y-o-Y. In Las Vegas, Orange County, Los Angeles, Atlanta, and Phoenix, where investors have actively bought and rented out single-family homes, rents are either falling or flat. Even in single-family rental markets where rents are up, such as in Tampa and Dallas, asking prices to purchase homes rose much faster than rents.
Rent and Price Changes on Single Family Homes
# U.S. Metro
Y-o-Y% change in single-family home rents
Y-o-Y % change in single-family home prices
1 Las Vegas, NV
2 Fort Lauderdale, FL
3 Chicago, IL
4 Orange County, CA
5 Washington, DC-VA-MD-WV
6 Los Angeles, CA