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.

 

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