INSIGHT

2018 U.S. Housing Fundamentals and Single-Family Rental Outlook

January 1, 2018

The compression in housing availability during a period of improving economic growth and sustained
housing demand drove another year of rental rate and home price growth.

  • Housing vacancy rates fell to 3.4%, a multi-decade low and one-third below the 2009 peak.1
  • For-sale inventory of existing homes fell 7% Y/Y, while months’ supply fell 9% Y/Y. The number of
    homes for sale relative to the size of the U.S. housing stock has never been lower in the 35-year history
    of the data series.2
  • Due to tight supply conditions, single-family home prices rose approximately 6% in 2017, an
    appreciable acceleration from 2016’s 5-5.5% increase.3