Today’s housing unaffordability crisis has given the market new resurgence: “It’s even more relevant today because as homes become more and more unaffordable, people – families particularly, who want homes but can’t afford to buy homes – they’ll rent a house instead. There’s definitely a demand for single-family rentals.”
Read more: Real estate crisis? What real estate crisis?
While unavailable for sale, such homes afford renters a greater amount of space than an apartment, a yard, a garage, possibly an attic or basement for storage, Rubin said. And while not a purchase option, it beats being in an apartment of smaller sized and offers expanded safety, he added.
While inflation has started to cool, erosion of housing affordability continues. Statistics also speak to the need for alternatives, Rubin suggested. As far as stats go, here’s an eye-opener: The cost of shelter jumped by 0.8% in October – the largest monthly gain in 32 years.
“That’s been a pretty big business,” Rubin said. “The problem is….” he continued, listing off a long list of exacerbating issues that has contributed to housing unaffordability – fluctuating rates, cost of building homes, supply chain issues, limited housing stock, and more.