The booming U.S. housing market has spilled over to the rental market, which has
seen demand for apartment and single-family rentals skyrocket this year, as high
sales prices and an inadequate supply of available housing have forced many
prospective buyers to rent for the foreseeable future. Increased demand for
housing, along with an improving economy, has competition for rental units
soaring, and landlords are taking note, with the national median rent increasing
11.4% in 2021 so far, according to Apartment List.
• Single Family Closed Sales were down 10.3 percent to 8,801.
• Townhouse-Condo Closed Sales were up 10.9 percent to 2,718.
• Adult Communities Closed Sales were down 10.3 percent to 711.
• Single Family Median Sales Price increased 12.9 percent to $461,000.
• Townhouse-Condo Median Sales Price increased 9.1 percent to $315,000.
• Adult Communities Median Sales Price increased 23.4 percent to $290,000.
In new construction, home builders continue to struggle to meet buyer demand, as
housing starts nationwide dropped 7% last month, according to the Commerce
Department. Single-family home construction declined 4.5%, and multi-family
home construction, which includes condos and apartment buildings, was also
down, falling by 13%. Labor shortages, rising material costs, and supply-chain
setbacks continue to challenge builders, with some projects temporarily paused
due to availability and cost of materials.