Single-family rental demand pushes rents higher

By Diana Olick | CNBC

As more Americans find it harder to afford a home, rental demand is soaring, especially for single-family homes.

The supply of rental homes is shrinking, and that continues to push rent prices higher, particularly on the lower end of the market.

Phoenix saw the biggest drop in vacancy rates, to just 2.6%. That pushed rent growth to 6.7% annually.

Anyone out shopping for an entry-level home knows the prices are high and the pickings are slim. Now, the same is holding true for rentals. As more Americans find it harder to afford a home, rental demand is soaring, especially for single-family homes.

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