A little over a year ago, the monthly cost of owning and renting a place to live were virtually identical. Now, owning a home costs $839 more per month than renting (see below chart). This differential is almost $200 higher than at any time since the turn of the century. The result: elevated home prices and rapidly rising mortgage rates have created a rosy backdrop for the rental sector, with many prospective home buyers now priced out of homeownership.
This, when combined with a record number of household formations, has resulted in a record 700,000 apartment units leased-up in the 12 months through 1Q22 – more than double the 335,000 new units delivered during that same time period. National rental unit occupancy rates now stand at a record 97.6%.
Join us for a discussion on how South Coast is partnering with Empire Group to take advantage of the current opportunity to build-to-rent in some of the best markets across the country.