Single-family homes in high demand due to COVID-19. Following the Great Recession, the single-family rental (SFR) market experienced solid growth. In fact, the SFR market expanded by more than 3.8 million households between 2006 and 2016. Now, with COVID-19 a part of everyday life, this trend has continued as Americans rethink the kinds of lifestyles they want. With social distancing and stay at home orders in place, densely populated areas are losing their appeal to many, creating an uptick in interest for single-family homes.Why renters prefer single-family homes
Rent growth for Richmond managed to outperform the U.S. average this spring. The average rent rose 0.1 percent on a trailing three-month basis through May. During the same period, the national average slid 0.2 percent. Richmond is relativity well-prepared to weather COVID-19’s impact, since its largest employment sectors are government and professional and business services, according to Multi-Housing News.
According to the Bureau of Labor Statistics, as of early June, Pennsylvania unemployment claims reached 2.5 million. The state allocated $150 million to rental assistance programs, while Philadelphia tapped $10 million in federal relief funds. Since July 10th, landlords have been able to file evictions, so the city is working on an Emergency Housing Protection Act package aimed at rental relief and tenant assistance.
Demand for industrial space in the D.C. metro increased in the second quarter of 2020, with 1.5 million square feet of positive absorption. Due to Amazon moving into 1.2 million square feet, Washington County, Maryland accounted for majority of the absorption. With that, new data shows that the Washington D.C. region continues to slowly recover as it reopens.