Single-family rentalseither detached homes or townhomesare developing faster than any other portion of the housing market. These rentals outpace both single-family home purchases and apartment-style living, according to theUrban Institute.
Almost all the housing demand in recent years has been filled by rental units, says Sara Strochak, a research assistant with the Urban Institute. She also states that single-family rentals have gone up 30% within the last three years.
This change is unique to newer generations. But when did rentals become so popular? And why are people more inclined to rent than to buy? Below, well further discuss the rise in rentals and how it affects the housing market.
When did the rise in single-family rentals start?
The housing bubble collapse and the recession that followed shattered the decades-old tenet of American wisdom that you cant go wrong buying a home. Most of the housing market fallout from the 2007-09 recession has finally recededforeclosures and underwater mortgages are back to traditional levels and housing values have recovered in most places. But one thing hasnt recovered: Americans unquestioned desire to own a home.
Today, single-family rental homes and ...