In 2023, 93,000 new single-family homes for rent were completed. That was 39% more rental homes than in 2022, and the most in any year ever. The breakneck pace is poised to continue this year before easing by 2025.
In March of this year, the average monthly mortgage payment had ballooned to 38% more than the average monthly apartment rent. Rents for new houses often fall somewhere in between.
Source: Wall Street Journal
Multifamily Market News 