Single-family rents reach record high, 20% above apartments
Zillow's latest market report reveals single-family home rents have reached a record high, costing about 20% more than typical multifamily apartments. Single-family rents have increased 41% above pre-pandemic levels, while multifamily rents rose 26%. Currently, single-family homes show 4.4% annual growth compared to 2.4% for apartments.
Property managers are increasingly offering concessions, with 41% of rental listings now including incentives like free rent or parking. The for-sale inventory remains 25% below pre-pandemic norms, though showing signs of recovery. Ten of the 50 largest metros, primarily in Florida, Texas, and the South, now have more homes available than before the pandemic.
Salt Lake City shows the largest price premium for single-family rentals at 59% over multifamily units, while Detroit has the smallest at 9%. The median age of renters has increased to 42 in 2024, up from 33 three years ago, reflecting longer rental periods before home purchases.
Il rapporto di mercato più recente di Zillow rivela che gli affitti delle case unifamiliari hanno raggiunto un massimo storico, costando circa il 20% in più rispetto agli appartamenti multifamiliari tipici. Gli affitti delle case unifamiliari sono aumentati del 41% rispetto ai livelli pre-pandemia, mentre gli affitti multifamiliari sono aumentati del 26%. Attualmente, le case unifamiliari mostrano una crescita annuale del 4,4% rispetto al 2,4% degli appartamenti.
I gestori immobiliari stanno sempre più offrendo concessioni, con il 41% delle inserzioni di affitto che ora include incentivi come affitto gratuito o parcheggio. L'inventario in vendita rimane inferiore del 25% rispetto alle norme pre-pandemia, anche se mostra segni di ripresa. Dieci delle 50 aree metropolitane più grandi, principalmente in Florida, Texas e nel Sud, hanno ora più case disponibili rispetto a prima della pandemia.
Salt Lake City mostra il maggior premio di prezzo per gli affitti di case unifamiliari, con un aumento del 59% rispetto alle unità multifamiliari, mentre Detroit ha l'aumento più piccolo, del 9%. L'età mediana degli affittuari è aumentata a 42 anni nel 2024, rispetto ai 33 di tre anni fa, riflettendo periodi di affitto più lunghi prima degli acquisti di case.
El último informe de mercado de Zillow revela que los alquileres de casas unifamiliares han alcanzado un máximo histórico, costando aproximadamente un 20% más que los apartamentos multifamiliares típicos. Los alquileres de casas unifamiliares han aumentado un 41% sobre los niveles anteriores a la pandemia, mientras que los alquileres multifamiliares han crecido un 26%. Actualmente, las casas unifamiliares muestran un crecimiento anual del 4,4% en comparación con el 2,4% para los apartamentos.
Los administradores de propiedades están ofreciendo cada vez más concesiones, con el 41% de los anuncios de alquiler que ahora incluyen incentivos como alquiler gratuito o estacionamiento. El inventario en venta sigue siendo un 25% inferior a las normas anteriores a la pandemia, aunque muestra signos de recuperación. Diez de las 50 áreas metropolitanas más grandes, principalmente en Florida, Texas y el sur, ahora tienen más casas disponibles que antes de la pandemia.
Salt Lake City muestra la mayor prima de precio para los alquileres de casas unifamiliares, con un 59% sobre las unidades multifamiliares, mientras que Detroit tiene la más pequeña, con un 9%. La edad media de los inquilinos ha aumentado a 42 años en 2024, frente a los 33 de hace tres años, lo que refleja períodos de alquiler más largos antes de las compras de vivienda.
최근 Zillow의 시장 보고서에 따르면 단독 주택 임대료가 사상 최고치를 기록하며, 전형적인 다가구 아파트보다 약 20% 더 비쌉니다. 단독 주택의 임대료는 팬데믹 이전 수준보다 41% 증가한 반면, 다가구 임대료는 26% 상승했습니다. 현재 단독 주택은 아파트보다 연간 4.4% 성장하고 있습니다.
부동산 관리자는 점점 더 많은 혜택을 제공하고 있으며, 이제 임대 목록의 41%가 무료 임대 또는 주차와 같은 인센티브를 포함하고 있습니다. 판매용 재고는 여전히 팬데믹 이전 기준보다 25% 낮지만 회복의 조짐을 보이고 있습니다. 플로리다, 텍사스와 남부 지역의 대도시 50개 중 10곳은 팬데믹 이전보다 더 많은 주택을 보유하고 있습니다.
솔트레이크시는 단독 주택 임대료가 다가구 유닛보다 59% 더 비싼 가장 큰 가격 프리미엄을 보이는 반면, 디트로이트는 9%로 가장 적습니다. 임차인의 중간 나이는 2024년 42세로 증가했으며, 이는 3년 전 33세에서 증가한 수치로 주택 구매 전 임대 기간이 길어지고 있음을 반영합니다.
Le dernier rapport de marché de Zillow révèle que les loyers des maisons unifamiliales ont atteint un niveau record, coûtant environ 20% de plus que les appartements multifamiliaux typiques. Les loyers des maisons unifamiliales ont augmenté de 41% par rapport aux niveaux d’avant la pandémie, tandis que les loyers multifamiliaux ont augmenté de 26%. Actuellement, les maisons unifamiliales affichent une croissance annuelle de 4,4% contre 2,4% pour les appartements.
Les gestionnaires de biens immobiliers offrent de plus en plus de concessions, avec 41% des annonces de location incluant désormais des incitations telles que loyer gratuit ou stationnement. L’inventaire à vendre reste 25% en dessous des normes d’avant la pandémie, bien qu’il montre des signes de reprise. Dix des 50 plus grandes métropoles, principalement en Floride, au Texas et dans le Sud, disposent maintenant de plus de maisons disponibles qu’avant la pandémie.
Salt Lake City présente la plus grande prime de prix pour les locations de maisons unifamiliales avec 59% par rapport aux unités multifamiliales, tandis que Détroit enregistre la plus petite avec 9%. L'âge médian des locataires a augmenté à 42 ans en 2024, contre 33 ans il y a trois ans, ce qui reflète des périodes de location plus longues avant l’achat de maisons.
Der aktuelle Marktbericht von Zillow zeigt, dass die Mieten für Einfamilienhäuser ein Rekordhoch erreicht haben und etwa 20% höher sind als die typischen Mehrfamilienwohnungen. Die Mieten für Einfamilienhäuser sind um 41% über das Niveau vor der Pandemie gestiegen, während die Mieten für Mehrfamilienhäuser um 26% zugenommen haben. Derzeit zeigen Einfamilienhäuser ein jährliches Wachstum von 4,4%, während es bei Wohnungen 2,4% beträgt.
Immobilienverwalter bieten zunehmend Anreize an, wobei 41% der Mietanzeigen mittlerweile Anreize wie kostenlose Miete oder Parkplätze einschließen. Der Verkaufsvorrat liegt weiterhin 25% unter dem Niveau vor der Pandemie, zeigt jedoch Anzeichen einer Erholung. Zehn der 50 größten Metropolregionen, hauptsächlich in Florida, Texas und im Süden, haben jetzt mehr verfügbare Häuser als vor der Pandemie.
Salt Lake City zeigt die größte Preisprämie für Einfamilienhausmieten mit 59% über den Mehrfamilieneinheiten, während Detroit mit 9% die kleinste hat. Das Durchschnittsalter der Mieter ist im Jahr 2024 auf 42 Jahre gestiegen, von 33 Jahren vor drei Jahren, was auf längere Mietzeiten vor dem Kauf eines Hauses hinweist.
- Single-family rental growth remains strong at 4.4% annually
- For-sale inventory showing recovery, down 25% from pre-pandemic vs. 51% in February 2022
- 10 major metros now have higher inventory than pre-pandemic levels
- Single-family rents 41% above pre-pandemic levels, potentially affecting affordability
- Record-high concessions (41% of rentals) indicating potential market softness
- Home value appreciation slowed to 2.6% year over year, down from 5.2% in December 2019
Insights
The rental market is experiencing a transformative shift, marked by an unprecedented 20% premium for single-family homes over apartments, with monthly costs averaging
Market Segmentation Trends:
- Single-family rents have surged
41% above pre-pandemic levels, significantly outpacing the26% increase in multifamily rents - Geographic variations are striking - Salt Lake City shows a
59% premium for single-family rentals, while Detroit posts just9% - Record-high concessions on
41% of rental listings indicate property managers are using alternative strategies to maintain headline rents
Market Forces Analysis:
- Supply-demand imbalance: Multifamily construction is at a 50-year high while single-family construction remains constrained
- Demographic pressure: Millennial renters' median age has increased to 42 from 33 in three years, indicating delayed homeownership
- Market adaptation: Property managers are increasingly using concessions rather than reducing headline rents, suggesting underlying market strength despite challenges
For Zillow (ZG), this trend presents opportunities in their rental marketplace and data services divisions, as the company is uniquely positioned to capture value from these market dynamics through their rental listing platform and market intelligence products. The diverging rental markets and increasing complexity of pricing structures make Zillow's market data and rental tools increasingly valuable to both landlords and renters.
A detailed regional analysis reveals fascinating market dynamics across major metropolitan areas:
Key Market Indicators:
- Coastal markets command the highest absolute rents: San Jose (
$4,259 ), Los Angeles ($4,181 ) and San Diego ($3,976 ) - Emerging markets show significant inventory recovery, with 10 major metros now exceeding pre-pandemic levels
- Southern markets, particularly in Florida and Texas, demonstrate healthier supply-demand balance due to robust construction activity
Market Temperature Variations:
- Strong seller's markets persist in tech hubs (San Francisco, San Jose) and established Northeast markets (Boston, Hartford)
- Buyer's markets are emerging in Southeast locations (Miami, Jacksonville) and select Sun Belt cities
- Neutral conditions prevail in many midsize markets, suggesting potential market normalization
The regional variations in market conditions suggest a gradual shift toward more balanced markets in areas with active construction pipelines, while supply-constrained coastal markets maintain significant pricing power. This geographic divergence creates opportunities for investors and renters to identify markets offering better relative value.
It costs about
- Rents for single-family homes are up
41% over pre-pandemic norms; multifamily rents have risen26% in that time. - Concessions are being offered on two out of every five rental properties on Zillow, another record.
- For-sale inventory continues to recover, but is still
25% below pre-pandemic norms.
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. "We've also got the large millennial generation wanting to move into a larger space. High and unpredictable mortgage rates and hefty down payments are pushing some to rent that lifestyle instead of buying it. Similarly discouraged, some homeowners may return to the market and sell to capitalize on record prices, rather than continue to wait for lower rates."
Looking at annual growth, rents for detached homes are up
Single-family rents are up
Rents are sticky, but concessions keep rising
Despite the general surge in apartment construction, rents on the multifamily side are proving to be sticky. Annual rent growth has been relatively stable, in the mid
Property managers are instead increasingly turning to concessions to lure in tenants. These deal sweeteners, such as months of free rent or free parking, are now offered on
Millennials — the largest
Buy side: Inventory recovery continues
Inventory continues to trend closer to long-term norms from before the pandemic. The number of homes on the market nationwide in December was just under 1 million — more than in any December since 2019. Inventory is now
With any luck, the recent momentum of sellers returning to the housing market — some likely doubting that mortgage rates will drop anytime soon to improve their own buying situation — will continue to recover in the new year.
Now, 10 of the 50 largest major metros have more homes on the market than at this time of year before the pandemic. Those metros are concentrated in
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Metro Area* | Single- | Multifamily | Single- | Share of | For-Sale | Zillow |
20 % | 41 % | -25 % | Neutral | |||
18 % | 23 % | -56 % | Strong seller | |||
55 % | 37 % | -26 % | Seller | |||
21 % | 34 % | -49 % | Seller | |||
52 % | 59 % | 2 % | Neutral | |||
46 % | 48 % | 1 % | Neutral | |||
32 % | 58 % | -39 % | Seller | |||
20 % | 36 % | -46 % | Seller | |||
38 % | 23 % | -4 % | Buyer | |||
29 % | 56 % | -3 % | Buyer | |||
26 % | 31 % | -46 % | Strong seller | |||
46 % | 57 % | -8 % | Neutral | |||
42 % | 46 % | -3 % | Strong seller | |||
30 % | 29 % | -25 % | Seller | |||
9 % | 27 % | -34 % | Neutral | |||
50 % | 56 % | -23 % | Seller | |||
50 % | 56 % | -27 % | Seller | |||
46 % | 43 % | -33 % | Seller | |||
28 % | 42 % | 7 % | Buyer | |||
58 % | 66 % | 4 % | Neutral | |||
27 % | 42 % | -47 % | Seller | |||
21 % | 29 % | -44 % | Seller | |||
35 % | 49 % | 17 % | Neutral | |||
28 % | 60 % | 18 % | Neutral | |||
43 % | 53 % | 23 % | Buyer | |||
54 % | 54 % | -19 % | Seller | |||
35 % | 38 % | -30 % | Seller | |||
14 % | 32 % | -32 % | Buyer | |||
45 % | 24 % | -33 % | Neutral | |||
50 % | 61 % | 34 % | Neutral | |||
42 % | 42 % | -18 % | Neutral | |||
22 % | 39 % | -36 % | Neutral | |||
41 % | 38 % | -20 % | Neutral | |||
28 % | 46 % | -16 % | Buyer | |||
27 % | 26 % | -53 % | Seller | |||
40 % | 58 % | -35 % | Strong seller | |||
35 % | 60 % | -11 % | Neutral | |||
34 % | 33 % | -43 % | Seller | |||
54 % | 16 % | -62 % | Seller | |||
30 % | 49 % | 14 % | Buyer | |||
20 % | 37 % | -27 % | Neutral | |||
33 % | 30 % | -3 % | Neutral | |||
38 % | 65 % | -13 % | Neutral | |||
31 % | 32 % | -1 % | Buyer | |||
31 % | 49 % | -43 % | Seller | |||
25 % | 42 % | -27 % | Buyer | |||
26 % | 13 % | 61 % | Buyer | |||
59 % | 62 % | -5 % | Seller | |||
44 % | 29 % | -69 % | Strong seller | |||
33 % | -46 % | Strong seller | ||||
20 % | 31 % | -14 % | Neutral |
*Table ordered by market size
1 The Zillow® market report is a monthly overview of the national and local real estate markets. The report is compiled by Zillow Research. For more information, visit zillow.com/research.
About Zillow Group:
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