Between 2007 and 2016, single-family rentals (SFR) expanded faster than apartments in Anaheim, California (38 percent versus 14 percent), according to a new report from Yardi. And in Santa Ana, California, single-family rentals expanded 36 percent during that time period versus -1 percent for apartments, the firm reports.
Irvine also showed a significant increase in SFR (43 percent), but the multifamily rentals in that market grew even faster (73 percent).
While it’s true that the multifamily sector witnessed a frenzy of apartment construction, single-family homes for rent were the fastest-growing type of rental between 2007 and 2016 nationally, outpacing the great apartment boom, Yardi reports. Although they’re generally more common in suburban settings, SFR have also been popular in the nation’s biggest urban cores, according to the most recent U.S. census numbers.
At a national level, over the past 10 years, SFR grew by 31 percent, while the multifamily sector swelled by just 14 percent, according to the report. In net gain, this growth translates into 3.6 million units versus 3.2 million units added.
In other parts of Southern California, Los Angeles went against the current with a 12 percent increase in SFR versus 14 percent in multifamily. In Long Beach, the single-family sector actually shrank by 2 percent. Also, Los Angeles boasts the most extensive SFR stock (184,000 units) in the nation.
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