A divergence in rental vacancy rates over the past year, with single-family vacancies reaching a 21-year low as multifamily vacancies have risen, has meant rental growth for single-family homes has outpaced apartments for the past year. That reflects developments on the supply side. Apartment construction has surged in recent years as single-family starts have stalled. We doubt that supply conditions will change much over the next year, and single-family rental growth will therefore continue to outperform.
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