Rent and Lease

Over the five years to 2022, revenue for the Real Estate and Rental and Leasing sector is expected to increase an annualized 0.9% to reach $1.1 trillion, including an expected decrease of 0.8% in 2022 alone. Additionally, this sector's performance has been aided by an increase in housing starts and fast-rising home prices during the period, specifically in 2020 as urban flight occurred. Performance in the lessors of real estate industry group has also been supported by falling vacancy for much of the period, but also stymied by a slight uptick in homeownership and declining rents in some of the nation's largest metro-areas. Overall, a hot homeownership market has worked against the rental segment of this industry, since falling rents due to rising vacancy in 2020 and 2021 as a result ofthe COVID-19 (coronavirus) pandemic are inconsistent with rising home prices.