U.S. rental demand rises 19.2% as borrowing costs push buyers to rent, Zillow says
ZG•Zillow reported U.S. rental demand rose 19.2% year over year as borrowing costs deterred buyers. Typical rent reached $1,932 in September, up 2.7%, while new buyers’ typical monthly payment rose 5% to $3,037.
1. Rent and buyer costs
Zillow Group Inc. reported that U.S. rental demand increased 19.2% year over year as elevated borrowing costs deterred homebuyers. Typical rent reached $1,932 a month in September, up 2.7% from a year earlier, while new homebuyers’ typical monthly payment climbed 5% to $3,037.
2. Demand by property type
Single-family rental demand rose 21.6%, compared with 10.1% for multifamily rentals. San Jose led rental demand growth at 82.5%, while San Francisco had the fastest rent growth, at 11.8%.
