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Single-Family Homes’ Affordability Dilemma Leads to More Renters

Climbing 30-year mortgage rates – now at 5.5% bodes well for apartment demand.

The 30-year fixed-rate mortgage averaged 5.55% as of Aug. 25, according to data released Thursday by Freddie Mac. It marks a 42 basis points increase from the previous week. Apartment operators are smiling.

Jay Lybik, National Director of Multifamily Analytics at CoStar Group, tells GlobeSt.com, “The single-family housing market in 2022 has seen rising mortgage rates that have significantly increased the monthly mortgage payments for newly purchased homes and the possibility of home prices peaking has created high housing uncertainty thus placing some potential home buyers on the sidelines.

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