The Light: Burns Single-Family Rent Index™: New Lease Effective Rents Up 6% YOY in September 2021

The Light: Burns Single-Family Rent Index™: New Lease Effective Rents Up 6% YOY in September 2021


Demand for single-family rental homes remains strong according to our Burns Single-Family Rent Index™ (BSFRI).

  • US single-family effective rents grew 6% YOY in September 2021, showcasing continued growth for this asset class.
  • Note: The US Burns Single-Family Rent Index™ (BSFRI) is the US roll-up based on a weighted average of the 63 single-family rental markets we track across the country.

Core 20 top SFR markets with the strongest new lease effective rent growth (BSFRI) include:

  • Phoenix (+14% YOY)
  • Atlanta (+12% YOY)
  • Las Vegas (+11% YOY)
  • Riverside-San Bernardino (+11% YOY)
  • Charlotte (+11% YOY)
  • Jacksonville (+11% YOY).

Non-core 20 top SFR markets with the strongest new lease effective rent growth (BSFRI) include:

  • Detroit (+11% YOY)
  • Reno (+11% YOY)
  • Tucson (+9% YOY)
  • Sacramento (+9% YOY)

We cover 63 markets in our single-family rental research and are in the process of adding more than 30 secondary and tertiary markets due to client demand.

We also cover and analyze the single-family rental REITs (SFR REITs), who have all reported even faster rent growth in 3Q21. We attribute this primarily to:

  • The SFR REITs’ footprints are concentrated in the strongest markets.
  • The SFR REITs provide superior property management and services than the typical mom and pop.
  • Recent home price appreciation will generate property tax increases in most states. These increases will flow into rents until occupancy wanes.

Rising home prices paint a rosy backdrop for the single-family rental sector as prices are likely pricing out some would-be home buyers. Below table highlights the YOY % growth in single-family new lease effective rents versus our home value index.

  • Austin, Tampa, Phoenix, and Raleigh-Durham all posted 32%+ YOY home price appreciation, which all happen to have a large single-family rental and build-for-rent presence as well.

We are now tracking 550+ active leasing build-for-rent communities in our SFR research and database. Reach out if you would like to learn more.

To learn more about the single-family rental and/or build-for-rent market, fill out this form or contact Danielle Nguyen, and we can show you our research membership content or put you in touch with the right consultant.


Danielle Nguyen If you have any questions, please contact Danielle at (949) 735-2521 or by email.