US single-family home rents hit 14-year high as costs surge

Housing costs are surging across the US, adding to concerns about rising inflation as vaccination campaigns and falling Covid-19 cases stoke the economy.

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.

The rent hikes have boosted single-family landlords Invitation Homes Inc., American Homes 4 Rent, and Tricon Residential Inc. (AP)

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.