Zillow finds paucity of inventory is driving rents up.
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Rental houses have been in high demand since the housing market crashed, but a lack of supply has made renting those homes more expensive, according to a new Zillow® analysis released Tuesday.
While rents for both houses and apartments have slowed significantly over the past year, median rent for houses rose 1.3% annually to a monthly rent payment of $1,404, but median rent for apartments rose 0.5%, to a monthly rent payment of $1,551.
here are fewer single-family homes to rent than a decade ago. When the housing market crashed, investors scooped up many single-family homes lost to foreclosure and turned them into rentals. Almost 20% of all single-family homes across the U.S. were rented in 2016, up from 13.5% 10 years prior.
