Rent Growth and New Construction Trend Higher as Cap Rates Edge Lower

The single-family rental market (SFR) is flourishing even as growth slows in many other sectors. The immediate outlook for SFR remains firmly positive as a bedrock of demand, a countercyclical business model, and the ability to absorb inflation propel SFR upwards in a challenging macroeconomic cycle.

Key Findings:

Vacant-to-occupied rent growth surges again, reaching 14.8% year-over-year.
Cap rates slide back to 5.3%, just above all-time lows.
Build-to-rent construction starts totaled 57,000 over the past year, a new record high.

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