According to CoreLogic’s Single-Family Rent Index (SFRI), rental prices began climbing in 2010 and then stabilized in early 2019 at +3%. This climb has continued through Q3 2019.
CoreLogic’s SFRI has been propped up by the climb in low-tier rental pricing. CoreLogic defines low tier as rents 75% or less of the region’s median rent prices.) By the end of Q3 2019, rent prices in low-tier rental units increased +3.8% y/y. Rent prices on the other end of the scale, or high-tier units that require +125% of regional median rent prices, increased +2.9% y/y.
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The pace of rental price growth in Q3 2019 as compared with Q3 2018 was steady for lower-priced rental units. The pace of rental price growth for higher-priced units increased just slightly to +0.4% in Q3 2019 compared with Q3 2018.
Phoenix posted the highest rental price growth in the Southwest (as well as the country) for the 10th consecutive month at +6.7% y/y. Las Vegas came in second at +5.8% in rental price growth and Seattle came in third at +5.5%.
It is worth noting Seattle’s turnaround in its pace of rental price growth…Seattle had the highest acceleration in rental price growth with rental prices increasing +4.7% faster than in September 2018.
It’s also worth noting that Phoenix had largest decline in rental vacancy rates in Q3 2019, according to the US Census Bureau.
Other noteworthy data points:
- Orlando had the largest deceleration in rental price growth, -2.2%, in September 2019 compared with September 2018.
- Charlotte saw rental price growth increase from +3% in September 2018 to +4.1% in September 2019.
- Austin saw rent prices grow +2.2% in September 2018 and +3.5% in September 2019.
- Boston experienced a +3.1% rental price increase in September 2019 after an increase of +2.5% one year earlier.
- Atlanta’s rental price growth was flat in September 2019 compared with one year ago.
Thanks to CoreLogic’s Molly Boesel and the US Census Bureau for source data.