A slight Uptick in the Single-Family Rental Market Index RevealedIn the latest update of the NRHC/John Burns Real Estate Consulting Single-Family Market Index for Q1 2023, recently published, a modest improvement was observed compared to the previous quarter. Key findings from this quarter's report include:
Normalizing Rental Market: The single-family rental (SFR) market is gradually normalizing after experiencing a boom during the pandemic. Rent growth remains strong, contributing to the market's resilience.
Offsetting Factors: Operating expenses have seen significant year-over-year increases, offsetting some of the gains from rent growth. Despite this, the SFR occupancies nationwide are at a healthy 96%, indicating steady demand keeping pace with the supply growth, which has been relatively restrained in many markets.
Leasing Activity: The SFR current leasing index, which measures leasing activity concerning seasonal norms, reflects an average spring leasing season, reflecting stability and consistent interest in rentals. Moderating Price Growth: Despite the rise in operating expenses, cap rates are increasing, indicating that the price growth rate is gradually moderating.
Sunroom was pleased to attend IMN's 11th Annual Single Family Rental Forum in Miami.
Sunroom is a pioneering leasing-only brokerage that revolutionizes the rental experience for property managers and investors. By seamlessly combining cutting-edge technology with the expertise of our leasing professionals, we empower our clients to efficiently rent out single-family homes and maximize their investment potential.