Single-family home rentals have reached a record high of 41% above pre-pandemic prices, rising to 20% more than multi-family apartment rentals, according to report from real estate company Zillow.

Multi-family rents have gone up 26% over the same time frame.

“Right now, more multifamily units are hitting the market than at any time in the past 50 years, but detached homes aren’t seeing the same surge in construction,” said Skylar Olsen, chief economist at Zillow.

"We've also got the large millennial generation wanting to move into a larger space. High and unpredictable mortgage rates and hefty down payments are pushing some to rent that lifestyle instead of buying it. Similarly discouraged, some homeowners may return to the market and sell to capitalize on record prices, rather than continue to wait for lower rates," Olsen added.