Single family rentals increased 2.7 percent from 2005 to 2010, the fastest growing rental housing category, and most of that growth was centered in markets that have suffered the double whammy of recession and large inventories of foreclosures.
New data from the Census Bureau’s American Community Survey document the explosive growth of single family rentals, which now account for more than one third, 33.5 percent, of all rental stock in the nation. The sti
However, in markets like Stockton (57.8 percent), Boise (48.3 percent) and Daytona Beach (46 percent), single family rentals account for nearly half or more of the local rental stock. Markets on the top 20 list of single family rentals also include Oklahoma (44.5 percent), Wichita (43.1 percent) and Tulsa (44.5 percent) which have traditionally had a greater market share of single family rentals than other markets.
However, the fastest growing markets for SFRs from 2005 to 2010 were the nation’s hottest foreclosure spots, topped by Tucson (12.3 percent increase), Stockton (12.2 percent increase) , Boise (10.3 percent) and Las Vegas (10.1 percent).
Single family renters are older that apartment dwellers; some 56.8 percent of all single-family households are over 35 compared to only 49.7 percent of all renters. They also pay slightly more for rent than all renters: 44.1 percent of SFR dwellers pay more than 35 percent of the average gross income compared to 43.8 of all renters.Foreclosure Markets Spawn Single Family Rental Boom by Steve Cook