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Phoenix single-family rentals reach record high, 46% above apartments

 Phoenix single-family rentals reach record high, 46% above apartments

Single-family rentals are the housing market’s big standout right now, with costs 20% higher than that of a typical multifamily apartment, according to the latest market report from Zillow®. That’s the largest difference ever recorded by Zillow. And in Phoenix, single-family rentals are 46% above the cost for apartments.

While stubbornly high mortgage rates are keeping a lid on buyer demand and home value growth, and a response from builders has kept multifamily rent growth stable for many months, rents for detached single-family homes continue to accelerate. 

“Right now, more multifamily units are hitting the market than at any time in the past 50 years, but detached homes aren’t seeing the same surge in construction,” said Skylar Olsen, Zillow chief economist.

Source: https://azbigmedia.com/real-estate/phoenix-single-family-rentals-reach-record-high-46-above-apartments/

 

 

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