RealtorMag
The multifamily sector has seen a frenzy of apartment construction over the last decade, but it’s single-family homes that were the fastest growing type of rental between 2007 and 2016, according to a new study by RentCafe. Over the last decade, single-family rentals rose by 31 percent, while the multifamily sector grew by 14 percent. In net gain, the growth makes up 3.6 million units versus 3.2 million units added, respectively.
Single-family rentals tend to be more common in suburban settings, but they’ve also surged in popularity in the nation’s denser urban cores. In 22 of the 30 largest U.S. cities analyzed, single-family rentals expanded at a faster rate than apartments between 2007 and 2016. Phoenix led this pack with a 77 percent gain in single-family rentals, followed by Boston (63%) and Fort Worth, Texas (60%).
