Median Rents Higher in Single-Family Homes
September 12, 2017
The median monthly rent for single-family homes is rising faster than the median monthly rent for apartments, according to new data from Zillow.
Zillow reported that the median rent for houses rose 1.3 percent annually to a monthly rent payment of $1,404, while median rent for apartments rose 0.5 percent to a monthly rent payment of $1,551. Median rent for houses is rising faster than median rent for apartments in half of the nation’s 50 major metros.
Although 20 percent of all single-family homes were rented in 2016, up from 13.5 percent in 2006, there are fewer single-family homes to rent than a decade ago. And demand is stronger than supply: Zillow found that 45 percent of all recent renters consider renting a single-family home, but only 28 percent ended up renting one.
"When the market crashed, many families lost homes they owned during the foreclosure crisis, and now may not be able to afford to buy another as home prices rise," said Zillow Chief Economist Svenja Gudell. "Those who want to buy are finding it difficult to find the right one, or may need a bit more time to come up with a down payment, but still want the advantage of space that single-family residences often provide. This, coupled with the foreclosure crisis turning millions of homeowners into renters, is a big reason why demand for single-family rental homes has risen over the last few years.”
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