The most desirable rentals are not high-rises, but instead single-family homes. According to a RENTCafe report, there has been a 31% jump in the number of house rentals compared to 14% of apartment rental in the past decade. Most of these house renters cannot afford to buy homes, thus opt for these homes that provide that extra space.
With this said, the apartment rental market is still much larger than whole house leases. In 2016, there were 26 million apartments for rent compared to the 15 million rental homes available.
In some cities, we can see a much larger rise in house rentals over the past decade. This includes Pheonix (63%), Forth Worth (60%), Austin (55%), and Charlotte (55%).
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