Total Returns to Single Family Rentals

Andrea Eisfeldt and Andrew Demers

No 21804, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The market value of US Single Family Rental assets totals more than $2.3 trillion. We provide the first systematic analysis of total returns to Single Family Rentals in a long, broad, and granular panel. Total returns are approximately equalized across US cities at 8.5%, similar to average equity returns. On average, net rental yields and house price appreciation each contribute half total returns. However, they are negatively correlated in the cross section of cities. High-price-tier cities accrued more capital gains, while low-price-tier cities had higher net rental yields. Within cities, lower-price-tier zip codes have higher total returns.

JEL-codes: G0 G11 R0 R30 (search for similar items in EconPapers)
Date: 2015-12
New Economics Papers: this item is included in nep-ure
Note: AP CF EFG
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Citations: View citations in EconPapers (11)

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