While other sectors struggle, single-family rental demand keeps growing, especially in the Midwest

As single-family home prices rise in the U.S., more consumers are opting to rent single-family homes, leading to a thriving rental market. Rentometer's third quarter 2024 report shows rental prices increased 3% year-over-year and 0.5% from the previous quarter. Rising home prices and mortgage rates are driving this trend, with many potential buyers delaying purchases. The Midwest and Northeast saw the highest rental price growth, with Buffalo, NY, experiencing a 29% increase. Toledo, OH, remains the most affordable large city for renting single-family homes.