Mortgage Rates Head Up and So Does Demand for Rentals

Given all the market activity, all the Federal Reserve actions, all the expert talk GlobeSt.com has hear over the last few months, there is an almost inevitability in the headline from rental data and software proptech company Rental Beast: “Rental Demand Soars as Mortgage Rates Continue to Rise.”

“Rental searches conducted by licensed real estate agents and REALTORS last quarter nearly doubled in six out of ten U.S. rental markets,” the company said. It was using internal data from searches by real estate professionals. The top three market increases year over year were Miami (215%), Denver (211%), and Houston (121%). The figures dropped off sharply after that trio. At number 10 on the list, Dallas-Fort Worth, the recent annual growth was 54%. “Last quarter’s increase in rental inquiries are largely driven by potential buyers sidelined by affordability,” the company wrote.