Meanwhile, renters will have to continue lining up to find their next home.
MartelTurnkey owns an apartment building in the fashionable Overton Square area in Memphis, as well as single-family homes in the city. A home they listed for rent had 50 viewings, whereas the apartment building got two to three viewings for a unit, Martel said.
In Atlanta, Douglas expects that the buying market frenzy will slow down slightly as interest rates and borrowing costs rise, but isn’t expecting the same cooling off for rentals. She heard of a house listed for $5,000 a month that ended up leasing for $6,000 due to overwhelming demand. Owners who sold their homes before finding a new one to purchase are also putting pressure on the rental market, she said.
“I actually think it’s harder to find a house to rent right now than to buy,” she said.
--With assistance from Patrick Clark.
This article was provided by Bloomberg News.