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%).
“Landlords are able to raise rents right now at a rate that is high in normal times,” Rick Palacios Jr., head of research at John Burns, told the Wall Street Journal. “It’s ridiculously high when you put it in a backdrop of a recession.”
