National Housing Market OutlookSingle-Family Rental

Rents on the Move: Unlocking Single-Family Rental Trends

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Danielle Nguyen

Christen Fayette

April 21, 2023

We learn a lot by tracking single-family asking rents on the available homes owned by the largest 23 single-family rental (SFR) operators who own 375K+ homes.

A few key highlights and trends we’ve been able to glean and shine the light on for this emerging institutional asset class: 

Topsy-turvy rents: 

  •  1Q to 2Q 2022: asking rents rose more than usual  

  •  3Q to 4Q 2022: rents slowed more than usual.
    • As we heard from several clients and saw in our data, the summer months kicked off the typical seasonal slowing, which returned after two years of unsustainable and unprecedented growth.

  • 1Q 2023: rents are now rising more than usual, leading to cautious optimism from solid traffic, leasing, and occupancy trends.  

Along with tracking asking rents, we compare single-family rental home addresses to one another, which is a paired-home (or matched home) analysis similar to Case-Shiller, but much more timely.

While we typically expect higher rents when a home is put back online after a completed lease, we found that:

  • Same-home rents declined compared to one year ago in 23% of listed homes.

  • Same-home rents stayed flat in 29% of homes listed—ticking up as operators prioritized occupancy.

  • Same home rents have risen in 48% of homes listed, rising month over month. 21% of homes listed had a 5%+ increase in YOY rent growth.

We have much more detail for our Single-Family Rental Research members, including many of the largest Build-to-Rent developers in the country. As the market continues to evolve, we hope to give our clients clarity on where we see the market heading with these new tools we just added. 

If you have significant investments in housing in any capacity, our research memberships and/or consulting services can keep you more informed than ever, allowing for early decision-making that leads to significant profits. To learn more about our research and consulting services, please fill out this form.

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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.
Christen Fayette
Senior Data Analyst
Christen handles data management, documentation, analysis, and research on topics such as: migration trends, economic indicators, new home building, build-to-rent, and single-family rentals.

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Products and Services Mentioned

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Single-Family Rental Package

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-for-Rent.
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Research Membership

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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Our experienced team of consultants helps clients make sound housing investment decisions. We thrive on their success and work with many clients over multiple years and numerous projects.

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