Did you know? The pandemic sparked an uptick in renters who want a larger home with a yard, and demand for rental single-family homes grew in the 2nd quarter. Needless to say, the COVID-19 pandemic has sparked both buyers & renters to search for properties with more space. With regards to the rental market in particular, many renters are opting to move out of multi-family living arrangements in search of single-family homes that provide more space and ability to social distance.
Overall, the Single-Family Rental Market Index had a reading of 76 in the second quarter – up from 63 in the first quarter. Scores below 50 signal that the market is contracting while readings above 50 indicate expansion. With this said, many economists believe that the single-family rental market expansion should last for at least the next six months.
In South Florida, we have certainly witnessed the demand for single-family home rentals on the rise. The average number of days on the market for single-family homes for rent right now is dramatically less than a year ago at this time.
At Live South Florida Realty, Inc., we have helped many clients build their real estate investment portfolio. If you are considering investing in single-family home rentals, feel free to contact us for a free consultation. Let our vast experience work for you in making wise investment decisions!