More single-family built-for-rent homes are under construction in the U.S.

Construction began on about 18,000 single-family built-for-rent homes in the first quarter of 2024, a 20% jump compared with the first quarter of 2023, according to the National Association of Home Builders.

"People need somewhere to live, and they have a choice to make," said Molly Boesel, principal economist at CoreLogic, a real estate data firm."And if they can't find what they need in the for-sale market, they're going to go to the rental market," she said. "We are seeing this growing move towards having built-for-rent properties in the U.S.," said Jessica Lautz, deputy chief economist at the NAR.

And with mortgage rates still close to 7%, monthly mortgage payments are pretty high, she said,"keeping a lot of potential buyers in rentals."

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