1047 ET - Rented single-family homes are significantly more expensive than multifamily apartments, with a 20% higher cost, according to Zillow. High mortgage rates have suppressed buyer demand, but single-family home rents are rising faster than apartment rents. Single-family home rents have increased by 4.4% annually, compared to a stable 2.4% for apartments. Since the pre-pandemic period, single-family rents have jumped 41% versus 26% for multifamily. In Salt Lake City, the premium for single-family homes is 59%, the highest among major U.S. metros, while Detroit and Pittsburgh show smaller gaps at 9% and 14%. Despite increased apartment building, multifamily rents remain steady, with property managers offering concessions like months of free rent or parking on 41% of listings. (chris.wack@wsj.com)
(END) Dow Jones Newswires
January 22, 2025 10:47 ET (15:47 GMT)
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