Demand for and rental prices for single-family rentals, especially for the highest-priced properties, show no signs of abating. Investors are rabid to buy them.
Single-Family Rental Prices Up +9.3% in August
According to the latest CoreLogic Single-Family Rent Index (SFRI), single-family rent growth soared +9.3% in August 2021.
This August 2021 rent increase was more than four times the rent price growth in August 2020, the fastest year-over-year rent growth in over 16 years. Single-family rent growth is now beyond pre-pandemic levels when compared with 2019.
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Single-Family Rent Increases by Price Tier
Rent growth acceleration applied to all price tiers in August 2021. Take a look at the two fastest rent growth tiers:
- Low-price tier – +7.1% y/y – up from 2.4% in August 2020
- High-price tier – +10.5% y/y – up from 2.3% in August 2020
Single-Family Rent Growth by Property Types
Since the onslaught of the pandemic, renters and homebuyers alike have sought out standalone, detached single-family properties in lower density areas.
Rent growth for detached properties was double that of attached properties in August 2021. Take a look:
- Single-family attached – +6.4% y/y
- Single-family detached – +11.7%
Metro Activity in August 2021
For the first time in nearly three years, Miami assumed the highest increase in year-over-year single-family rent growth and pushed down Phoenix into the second slot.
Take a look at all 20 metros CoreLogic researched for its August 2021 Single-Family Rent Index:
- Miami – +21.43%
- Phoenix – +19.17%
- Las Vegas – +15.44%
- Austin – +14.01%
- Dallas – +13.42%
- Tucson – +13.23%
- San Diego – +12.02%
- Atlanta – +12.00%
- Charlotte – +11.05%
- Orlando – +10.02%
- Houston – +9.60%
- Seattle – +9.45%
- Los Angeles – +5.99%
- Honolulu – +5.80%
- New York – +5.79%
- Louis – +5.47%
- Washington DC – +4.44%
- Philadelphia – +3.43%
- Boston – +1.50%
- Chicago – +1.43%
Thanks to CoreLogic.
