In the past five years, the U.S. housing market has undergone volatile changes thanks to the unpredictability of the pandemic, rising inflation, and supply challenges. In October 2018, the overnight federal funds rate was at 2.19% – at the time a 10-year high – but that rate has now skyrocketed to 5.33%. Many homebuyers feel the effects of the Federal Reserve’s multiple interest rate hikes and are looking to the rental market as an alternative option.

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