Key Highlights

  • According to CoreLogic’s Single-Family Rent Index (SFRI), there an increase of +1.7% y/y in rent nation-wide for July 2020, down from increase of +2.9% y/y in July 2019
  • From average of rent price growth of +2.9% in Q1 to +1.7% in May and +1.4% in June, national rent price growth rate stabilized for first time since February

The COVID-19 pandemic caused a chain reaction in the country’s rental market. Unemployment rates mushroomed, incomes plummeted and landlords lowered their monthly rates in hopes of salvaging their tenant pools.

Download Your FREE Ultimate Agent Survival Guide Now. This is the exact ‘do this now’ info you need. Learn NOW How to Access All The Bailout Program Cash You Deserve. Including Unemployment and Mortgage Forbearance Plans. To Access the Ultimate Agent Survival Guide Now Text The Word SURVIVAL to 31996.

Molly Boesel, principal economist with CoreLogic, said, “Increases in single-family rent prices slowed dramatically this spring (see above) as the nation began to face the economic impact of the pandemic. As job losses slowed in July, rent growth steadied. However, increases in rents should remain sluggish until the economy starts to experience employment gains.”

CoreLogic breaks out four tiers of rental prices to get an accurate look at single-family rental prices. Take a look:

  • Lower priced (75% or less than regional median) – +2.6%, down from +3.7% in July 2019
  • Lower-middle priced (75% to 100% of regional median) – +1.8%, down from +3.1% in July 2019
  • Higher-middle priced (100% to 125% of regional median) – +1.7%, down from +2.8% in July 2019
  • Higher priced (125%+ of regional median) – +1.4%, down from +2.5% in July 2019

Here are rent changes y/y from June 2020 to July 2020 in some geographical areas of the country:

 

Metro               July 2020 y/y Changes       June 2020 y/y Prices

 

Phoenix AZ                +4.7%                         $1,664

Tucson AZ                  +4.1%                         $1,490

Charlotte  NC-SC        +3.4%                         $1,423

Atlanta GA                  +2.8%                         $1,475

Las Vegas NV               +2.7%                         $1,745

St. Louis MO-IL             +2.5%                         $1.213

Seattle WA                    +2.3%                         $2,664

Austin TX                      +2.3%                         $1,625

Dallas TX                      +2.2%                         $1,690

Detroit MI                     +2.0%                         $1,365

Washington DC              +1.9%                         $2,473

Philadelphia PA              +1.8%                         $1,329

Houston TX                    +1.8%                         $1,482

San Diego CA                 +1.8%                         $2,763

Orlando FL                     +1.7%                         $1,656

Chicago                         +0.3%                         $1,870

Boston MA                      -0.2%                          $2,603

Miami FL                         -0.3%                          $2,059

Los Angeles CA                -0.4%                          $2,803

Urban Honolulu                -1.3%                          $2,982

CoreLogic forecasts that if there is a resurgence of the COVID-19 virus in metro markets, “we expect to see further disruption of local rental markets.”

 

Thanks to CoreLogic.

Also read: March Home Sales Dropped -8.5% – More Than Expected, Redfin’s Housing Market Forecast for 2020, Idaho #1 in Home Price Appreciation