Single-family rental homes grew 20% year over year in the first quarter

by calculated risk May 21, 2024 09:45:00 AM

In today’s ‘Calculated Risk Real Estate’ newsletter: Single-family rental homes grew 20% year over year in the first quarter

A brief excerpt:

Together with the monthly Breaking news on the number of housing starts in April It was announced last week, but the Census Bureau also announced Housing units begin with purpose and design Until the first quarter of 2024.

The first graph shows the number of single-family and multi-family homes that were started for rental purposes. This data is quarterly and not seasonally adjusted (NSA). Although the majority of “units built for rental” are still multifamily (blue), there has been a significant increase in single-family units (red) that are starting to be built for rental.

In 2020, there were 44,000 single-family homes started for rental purposes. In 2023, that number will nearly double to 85,000. Construction began on 18,000 single-family homes for rent in the first quarter of 2024, up 20% from 15,000 in the first quarter of 2023.

In multifamily housing, 56,000 units were rented in Q1 2024, down nearly 50% from 108,000 units in Q1 2023.

There’s a lot more to this article.