Researchers said the rent spikes are unusual since rents tend to be less volatile than housing prices over the long term, which are impacted by mortgage rate changes and other factors.

However, there are signs housing is headed for a more balanced market.

Institutional investors buying homes for SFR are competing with homeowners investing equity and digital house flippers.

Construction completions were sluggish, with just 4,861 new units coming online during the quarter.