Factors affecting US and Canadian rental growth this year

The American Rental Association (ARA) recently downgraded its forecast for this year, predicting growth to soften to an 8.9% increase in construction, reaching $78.7 billion in 2024. That’s down from its previously upgraded projection in May, in which the organization forecasted a 9.7% increase totaling $79.2 billion, which was 2.8% higher than its February projection of $77.3 billion in rental revenue.

No matter how you slice it, the ARA has been predicting healthy growth all year. But the degree of growth has depended on constantly shifting economic factors, such as speculation over interest rate fluctuations, as well as trends in government spending and home buying.