The market value of U.S. single-family rental assets totals more than $2.3 trillion. We provide the first systematic analysis of total returns to single-family rentals in a long, broad, and granular panel. Total returns are approximately equalized across U.S. cities at 8.5%, similar to average equity returns. On average, net rental yields and house price appreciation each contribute half total returns. However, they are negatively correlated in the cross section of cities. High-price-tier cities accrued more capital gains, whereas low-price-tier cities had higher net rental yields. Within cities, lower-price-tier ZIP codes have higher total returns.

中文翻译：

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单户出租的总回报

美国单户出租资产的市值总计超过 2.3 万亿美元。我们在一个长、宽、细的面板中首次系统地分析了单户住宅的总回报。美国各城市的总回报率大致相等，为 8.5%，与平均股票回报率相似。平均而言，净租金收益率和房价升值各贡献一半的总回报。但是，它们在城市的横截面中是负相关的。高价线城市的资本收益更多，而低价线城市的净租金收益率更高。在城市内，价格较低的邮政编码具有较高的总回报。