Rental Housing Weekly Briefing: April 20-24, 2026

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This week’s Rental Housing Weekly Briefing examines the latest Beige Book data on regional economic activity, which point to continued but moderating growth amid rising uncertainty tied to the war in Iran, alongside new research on rental housing trends showing that renters accounted for nearly 80% of household growth in 2025, and the key data releases to watch in the week ahead.

LAST WEEK in RENTAL HOUSING 

Rental Household Growth Accelerated in 2025

• According to newly published Arbor-Chandan research, rental households accounted for nearly 80% of total household growth in 2025, underscoring the central role of rental housing in absorbing new demand. The number of renter households increased by 898,000 (2.0%), reaching a record 46.1 million, while owner households grew by just 234,000 (0.3%).

• This divergence highlights the continued softness in the for-sale housing market. Elevated mortgage rates—remaining above 6% for much of 2025—alongside high home prices, have constrained affordability and limited the transition from renting to homeownership.

• Supply dynamics have also played a key role. Multifamily completions totaled roughly 467,000 units in 2025, remaining historically elevated despite moderating from recent peaks, while build-to-rent development continues to expand the available rental inventory.

• Importantly, renter demand is not solely cyclical. Household preferences and mobility patterns continue to support renting, with a majority of renters planning to move in the next year indicating an intent to remain renters rather than transition into ownership.

• For rental housing, the takeaway is clear: demand remains structurally supported. Even as development pipelines begin to normalize, affordability constraints and renewed volatility in mortgage rates—particularly in early 2026—are likely to keep rental demand elevated, reinforcing the sector’s role as the primary outlet for household formation.

Read the full Arbor-Chandan analysis here.

Regional Economic Activity via the Federal Reserve Beige Book

• Economic activity across the US continued to expand at a slight to modest pace in April, with eight of the twelve Federal Reserve Districts reporting growth, two reporting little change, and two reporting slight to modest declines. That mix points to an economy that remains resilient on balance, even as momentum has become more uneven across regions.

• The national picture has shifted toward a narrower distribution of outcomes. Fewer districts reported outright declines than in the prior Beige Book, but none described activity as rising moderately. Instead, regional activity became more concentrated in slight and modest growth, suggesting that the economy is still expanding, but with less intensity.

• A key theme running through the report was the war in Iran and its effect on energy markets. Across districts, contacts cited higher fuel and input costs, as well as elevated uncertainty, as factors complicating decisions around hiring, pricing, and capital investment. Even so, most firms described a wait-and-see posture rather than a pullback in activity.

• For rental housing, the takeaway is that the US economy continues to show underlying resilience despite meaningful macro headwinds. Housing activity softened in several districts as rising mortgage rates and uncertainty weighed on buyers, helping keep rental demand supported even as the broader economy shifts into a steadier, more cautious phase.

THE WEEK AHEAD 

April 21, 2026:

• Mom-and-Pop Rental Collections (Chandan Economics-RentRedi)

April 23, 2026:

• Primary Mortgage Survey (Freddie Mac)

• Commercial Property Price Index (MSCI Real Capital Analytics)

April 24, 2026:

• Survey of Consumers (University of Michigan)