Rising Rent Prices for Single Family Homes

Despite a cooling overall rental market, single-family rentals are seeing a 6% increase in monthly rental rates, with a 75% increase in inventory year-over-year. The median national rent for single-family detached rental was $2,395, a 20% increase since the same period in 2021. As potential homebuyers wait for home prices to cool and interest rates to decrease, they are turning to the single-family rental market. The overall rental market, including apartments and multi-family rentals, is experiencing decreasing prices due to steadily increasing vacancy rates, new construction inventory, and a tepid housing market.