Big City Exodus: Rents of Single-Family Houses Rise Across the US, Even as Apartment Rents in Expensive Cities Drop Sharply

by Wolf Richter
Wolf Street

Californians applying to lease single-family houses in Arizona, Nevada & Texas doubled from year ago; migration from New York & New Jersey to Florida similar: American Homes 4 Rent.

Like so many trends, the growth in the number of single-family houses for rent, and the increase in rents at those houses, preceded the Pandemic, but the Pandemic has accelerated them. In September, single-family rents across the nation rose 3.8% from a year ago, according to the Burns Single-Family Rent Index (chart by John Burns Real Estate Consulting, click to enlarge):

[…] The steepest year-over-year increases in single-family rents occurred in Kansas City (+7.7%), Memphis (+7.5%), Tucson (+7.4%), Phoenix (+7.3%) and Sacramento (+7.3%).

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