The rental market landscape has shifted dramatically, with single-family home rents climbing 41% since pre-pandemic, compared to a 26% rise for apartments. The increased cost, driven by tight supply and high mortgage rates, has created challenges for renters, particularly millennials, many of whom are unable to afford homeownership. With the average age of first-time homebuyers now at 38, more millennials are turning to single-family rentals as a feasible temporary solution, despite the premium costs. As this trend continues, the median age of renters is rising, highlighting a shift in demographics within the rental market.
Renters are stuck renting for longer," Orphe Divounguy, an economist at Zillow, told CNBC, reflecting the growing challenge for millennials who struggle with the cost of homeownership.
The cost of renting a single-family home has skyrocketed, outpacing the rise in apartment rents and leaving many tenants stuck in limbo, with fewer able to buy.
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