With home prices hitting record highs, demand for single family rental homes is soaring, and so are rent prices.
Average rent price for single family units was up 5.3% in April when compared to a year earlier.
That marks the largest gain in almost 15 years.
Rent for single-family detached homes was up even more, nearly 8%.
Nearly half of millennials surveyed by Corelogic, and 64% of baby boomers, said they "strongly prefer" to live in a single, stand-alone home.