Single-family rents grew 9.3% in August as strong job and income growth, as well as fierce competition for for-sale housing, fueled demand for single-family rentals. It was the biggest year-over-year increase in more than 16 years, according to the CoreLogic Single-Family Rent Index.

High priced rentals climbed the most,10.5%, with low price rentals up 2.4%. Detached rentals, favored by would-be homebuyers either priced out of the sales market, soared 11.7% nearly double that of the 6.4% for attached units.

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