House Rents Pop Up as New Investors Pile In

House Rents Pop Up as New Investors Pile In

Sharp rise partly reflects increasing demand from people who can’t afford to buy homes, pandemic-driven newcomers

Would-be home buyers priced out of the sales market are finding little consolation when they turn instead to the single-family rental market.

Prices are soaring there as well. Asking rents for houses rose nearly 13% for the year to date through July, the highest annual increase in the past five years as tracked by real-estate data company Yardi Matrix, which analyzed professionally managed properties.

The sharp rise partly reflects increasing demand from people who can’t afford to buy homes as well as city-dwellers who moved to the suburbs to rent during the pandemic. Meanwhile, the supply of new houses also continues to trail historical levels relative to population growth, and builders in some places remain constrained by zoning laws and available land.

Price increases are more moderate for single-family tenants renewing their leases, said Haendel St. Juste, a real-estate securities analyst at Mizuho Securities USA. “You’ve got to be careful in this industry. You can’t be perceived as gouging.”

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