In 2014, 16.9% of all single-family homes in the U.S. were rentals, up from 13.2% in 2006, before the housing crash. According to a Trulia analysis of Census data, this represents a difference of 2.8 million additional single-family home rentals on top of what would have been expected had the rate held at 13.2%.
At the regional level, areas with the highest foreclosure rates, the deepest employment losses, or a combination of both experienced the highest growth in single-family home rentals between 2006 and 2016. Detroit came in first with a 9.96 percentage point jump in ten years, from 14.69% to 24.65%. Las Vegas came in second with a 9.45 percentage point jump from 17.76% to 27.21%.
Out of the 100 largest metros in the nation, only Charleston, S.C., Albany, N.Y., and Silver Spring-Frederick-Rockville, Md. registered a drop in the share of single-family home rentals.
Of the 10 places that notched the largest increases in the percentage of single-family rentals from 2006 to 2016, Cape Coral-Fort Myers, Fla. appears to have handed investors the best returns. Following the recession, from June 2011 to June 2018, home values soared 89.6%, while rental rates on single family homes rose 59.1%.
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