Increased mortgage rates and an 11% jump in the average single-family home price left residents turning toward the rental market despite average single-family rental prices reaching $2,278 per month, a 7.7% increase over the last year, according to the release.
“Single-family rentals continued to attract most of the consumers that have pulled out of the sale market, so our Realtor members that specialize in those properties had a very busy June,” HAR Chair Jennifer Wauhob said in a statement.
In May, single-family home rentals increased by nearly 25% year over year to 3,406 rentals, up from 2,731 leases the year prior. According to the report, single-family home rentals increased by 19.3% year over year to 3,646 in June.
The rental market more than kept pace with the amount of closures, as new listings rose 37% year over year to 4,886 new listings in June, according to the report.
The average price of townhomes and condominiums increased 6.1% to $1,910 per month. Meanwhile, the number of closed listings fell 8.4% to 663 rentals last month, according to the report.
