The Light: Single-Family Rental Industry Ending 2021 on a High Note

The Light: Single-Family Rental Industry Ending 2021 on a High Note For Landlords


As we close out 2021, we are looking forward to what 2022 brings to the rental and housing industry.


New lease effective rents continue to rise, with several popular in-migration markets producing double-digit rent growth over the last year, according to our Burns Single-Family Rent Index™ (BSFRI). The BSFRI covers 99 markets and includes homes that are owned by small investors, which are the vast majority of the market.


Top SFR markets with double-digit new lease effective rent growth include:

  • Phoenix (+12% YOY)
  • Las Vegas (+10% YOY)
  • Charlotte (+10% YOY)
  • Atlanta (+10% YOY)

The publicly traded single-family rental (SFR) REITs reported even higher rent growth in 3Q21. In aggregate the SFR REITs reported in 3Q21:

  • 98% same-home occupancy
  • Record-high 18% same-home new lease rent growth
  • Virtually no change in the ratio of tenant/applicant incomes, which indicate strong wage growth

This solid performance by the REITS is primarily a function of:

  • Concentration in the strongest markets (view map below to the single-family rental REIT portfolio concentration)
  • Superior property management services
  • Recovering substantial property tax increases that will be passed on to local municipalities

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.