Rents for single-family homes increased 10.2% nationally in September year over year, up from a 2.6% rise in September of last year, according to a new report from CoreLogic.

Improved job growth and sky-high prices in the for-sale housing market added to already strong demand for single-family rentals fueled by the coronavirus pandemic.

While 93% of consumers said they believe owning a home is a good investment, according to a separate CoreLogic report, competition in the buying market is forcing more potential buyers to remain renters.

The single-family market is particularly hot right now, as people want more space and as the huge millennial generation ages into marriage and parenthood.

“Single-family rental vacancy rates remained near 25-year lows in the third quarter of 2021, pushing annual rent growth to double digits in September,” said Molly Boesel, principal economist at CoreLogic. “Rent growth should continue to be robust in the near term, especially as the labor market improves and the demand for larger homes continues.”

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