As home prices continued to soar faster than rents, the number of renter households grew to a record 45.6 million, an increase of 2.7% year over year, representing the second-fastest growth since 2015.
The recent surge in multifamily construction, which added new units at a rate of 647,000 annually—unprecedented since 1994—has contributed to the stabilization of rents despite rising home prices.
With a mere 2.5% of U.S. homes changing hands in the first eight months of 2024, the housing market is experiencing unprecedented stagnation, the lowest turnover in decades.
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