Surprise! Single Family Rental Homes Growing Faster Than Multi-Family
Cranes are everywhere you look in major cities. Apartments are going up everywhere.
Burns Real Estate Consulting recently shared this: “Construction in 24/27 major cities is at 24 year highs.”
So you would not be crazy to assume that multifamily apartments are being added faster than any other category.
But you’d be wrong. Since 2006, 3.9 million single family homes have become rentals; only 2.9 million apartment rentals have been built.
You can look at the graph below from Burns Real Estate Consulting. Note the red arrows pointing to the green line: that represents single family rental homes. And you don’t need to really see the numbers; you can tell by looking at the picture that not only are single family homes outpacing 2-9 or 10+ buildings, but the pace of growth is accelerating (see how the green line is pointing up and to the right?).
Its a good time to rent your home out.