Rent on the rise

Demand for single family rented homes is soaring
Posted at 5:32 AM, Jun 17, 2021
and last updated 2021-06-17 10:30:59-04

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.