October 5, 2023 (Washington, D.C.) – According to an analysis of the U.S. Census Bureau’s Current Population Survey data conducted by the National Rental Home Council (NRHC), 2,487,095 households in the United States moved to a single-family rental home over the past year, an increase of 5.3% from 2022.
source: 2023 Annual Social and Economic Supplement of the U.S. Census Bureau’s Current Population Survey
The Census Bureau data also reveal Americans are moving to single-family rental homes for reasons that may differ from years past. The 13.2% of households moving to a single-family rental home because of a new job or job transfer was 3.4 percentage points higher than 2022. Households moving for a better neighborhood (+2.4 percentage points) and cheaper housing (+1.6 percentage points) also saw notable increases over the previous year.
“Single-family rental homes continue to provide families and households with an important option for meeting their housing needs,” said David Howard, CEO of NRHC. “At a time when housing markets across the country are challenged by ongoing supply constraints and affordability concerns, single-family rental homes serve to enhance and expand the diversity of housing opportunities available to American families.”
About NRHC
The National Rental Home Council (www.rentalhomecouncil.org) is the nonprofit trade association representing the single-family rental home industry. NRHC members provide families and individuals with access to high-quality, single-family rental homes that contribute to the vitality and vibrancy of neighborhoods and communities. For more information please email press@rentalhomecouncil.org