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Rental Builders Bet on High Mortgage Rates Locking Out Homebuyers

by Sonia Park
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Rental Builders Banking on Record High Mortgage Rates Keeping People Locked Out of Home Ownership

Record high mortgage rates are compelling many Americans to remain renters, prompting developers to build new rental homes at an unprecedented pace. In 2023, a staggering 93,000 new single-family homes for rent were completed, marking a 39 percent increase from 2022 and setting a new record for the highest number of rental homes built in any single year.

Record high mortgage rates are forcing many Americans to continue renting, developers are capitalizing on this and building new houses for rent at an unprecedented rate. Erin Real has the story.

This surge in rental construction comes as. . .

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