Build-to-RentNational Housing Market OutlookSingle-Family Rental

Burns Single-Family Rent Index™: New Lease Effective Rents Up 6% YOY in September 2021

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Danielle Nguyen

November 19, 2021

Demand for single-family rental homes remains strong according to our Burns Single-Family Rent Index™ (BSFRI).

  • US single-family effective rents grew 6% YOY in September 2021, showcasing continued growth for this asset class.
  • Note: The US Burns Single-Family Rent Index™ (BSFRI) is the US roll-up based on a weighted average of the 63 single-family rental markets we track across the country.

Core 20 top SFR markets with the strongest new lease effective rent growth (BSFRI) include:

  • Phoenix (+14% YOY)
  • Atlanta (+12% YOY)
  • Las Vegas (+11% YOY)
  • Riverside-San Bernardino (+11% YOY)
  • Charlotte (+11% YOY)
  • Jacksonville (+11% YOY).

Non-core 20 top SFR markets with the strongest new lease effective rent growth (BSFRI) include:

  • Detroit (+11% YOY)
  • Reno (+11% YOY)
  • Tucson (+9% YOY)
  • Sacramento (+9% YOY)

We cover 63 markets in our single-family rental research and are in the process of adding more than 30 secondary and tertiary markets due to client demand.

We also cover and analyze the single-family rental REITs (SFR REITs), who have all reported even faster rent growth in 3Q21. We attribute this primarily to:

  • The SFR REITs’ footprints are concentrated in the strongest markets.
  • The SFR REITs provide superior property management and services than the typical mom and pop.
  • Recent home price appreciation will generate property tax increases in most states. These increases will flow into rents until occupancy wanes.

Rising home prices paint a rosy backdrop for the single-family rental sector as prices are likely pricing out some would-be home buyers. Below table highlights the YOY % growth in single-family new lease effective rents versus our home value index.

  • Austin, Tampa, Phoenix, and Raleigh-Durham all posted 32%+ YOY home price appreciation, which all happen to have a large single-family rental and build-to-rent presence as well.

We are now tracking 550+ active leasing build-to-rent communities in our SFR research and database. Reach out if you would like to learn more.

To learn more about the single-family rental and/or build-to-rent market, fill out this form, and we can show you our research membership content or put you in touch with the right consultant.

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About The Author

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Danielle Nguyen
Vice President of Research
Danielle manages, implements, and analyzes the housing market with a specific focus on for-sale and for-rent research. She is a research content creator who produces high-quality, insightful, and forward-looking housing research and a trusted resource (connector) for clients and those interested in JBREC’s research.

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Our research services enable our clients to gauge housing market conditions and better align their business and strategic investments in the housing industry. We provide a thoughtful and unique holistic approach of both quantitative and qualitative analysis to help clients make informed housing investment decisions.
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Burns Single-Family Rental Analysis and Forecast

A report that provides a comprehensive overview of the single-family rental industry’s major markets including forecasts, SFR market rankings, macro drivers, housing supply, demographic trends, and a look at Build-to-Rent.
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