Rents for single-family homes in the U.S. climbed to the highest level since September 2006 as the pandemic pushes Americans to seek out more space.
Rent jumped 4.3% in March compared with a year earlier, according an index from CoreLogic Inc., led by double-digit increases in Phoenix and Tucson, Arizona.
Housing costs are surging across the U.S., adding to concerns about rising inflation as vaccination campaigns and falling Covid-19 cases stoke the economy. Rent for single-family homes has been accelerating as larger living spaces for the era of social-distancing and remote work became a priority.
The rent hikes have boosted single-family landlords Invitation Homes Inc., American Homes 4 Rent, and Tricon Residential Inc., which have seen shares reach all-time highs in recent weeks.