Annual rent growth for single-family homes hits record highs in all price tiers in December.
Single-Family Rents Rose +12% y/y in December
Single-family rent growth jumped +12% y/y in December, the fastest year-over-year growth in over 16 years, according to the latest CoreLogic Single-Family Rent Index (SFRI).
December’s single-family rent growth was also the fastest rent growth increase in the history of the SFRI for both the low-price tier at +11.2% y/y and the high-price tier at +11.9% y/y. Rent prices for lower middle-priced units jumped from 3.9% to +12.4% and rent prices for higher middle-price units increased from 3.9% to 12.5% in 2021.
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Rent Growth by Property Type
As we’ve seen over the last two pandemic years, renters continued to prefer standalone or detached properties over attached properties in December.
CoreLogic’s most recent SFRI indicated that rent growth for detached or standalone properties slowed a bit in December 2021 to +12.1%. Rent growth strengthened for attached properties at +11.4%.
Metro Level Single-Family Rent Growth in December 2021
All the 20 metros listed below posted higher rent growth y/y in December 2021. Miami was clearly the frontrunner with an increase of +35.7%. Washington DC had the lowest increase y/y at +5.3%.
Take a look at CoreLogic’s SFRI y/y rent growth by metros:
– Miami – +35.7%
– Phoenix – +18.9%
– Orlando – +18%
– Las Vegas – +17%
– Austin – +16%
– San Diego -+16%
– Dallas – +15%
– Atlanta – +13%
– Boston + 12.4%
– Tucson + 12%
– Charlotte – +12%
– Houston – +10%
– Seattle – +9%
– Honolulu – +9%
– Los Angeles – +9%
– Philadelphia – 8%
– Chicago – +7%
– St. Louis – +7%
– New York – +6%
– Washington DC – +5.3%
Overall, single-family rent prices jumped more than three times the 2020 rate as affordability challenges and tight inventories drove many potential buyers into the rental market. With such increased demand for rentals, vacancy rates among single-family rentals hit historic lows in December 2021.
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While rent price growth is predicted to cool somewhat in 2022, Molly Boesel, a principal economist with CoreLogic, said, “As rents make up one-third of the Consumer Price Index (CPI), rapid rent growth helped push up inflation in 2021. While rent growth should ease in 2022, inflation may remain elevated for much of the year.”
Thanks to CoreLogic.