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.

Even with a series of partnership with "major multiple listing services" that Rental Beast claims, the numbers are self-selected as they are only from searches within its system. Still, those are some hefty growth numbers, and the dynamics are in keeping with how professionals have been assessing the markets.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.