Single-family rent prices increased +13.1% y/y in February on a nationwide basis.
Double-Digit Gains in US Rent Prices
CoreLogic’s latest Single-Family Rent Index (SFRI) indicated that US rent prices jumped +13.1% in February for another new record as the highest in the history of this index.
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Several factors have contributed to this eleven-month long run-up in rent price gains. Those factors include:
- Shortage of available rentals
- Low unemployment rate which dropped to 3.8% in February
- Skyrocketing home price increases, up +20% y/y in February, which make many potential buyers rent instead of purchasing a house
- Unprecedented high demand of rental units as a result of being locked out from purchase market
Molly Boesel, principal economist with CoreLogic, said, “Single-family rents rose at more than three times the rate from a year earlier and more than four times the pre-pandemic rate. Strong unemployment and low supply have pushed single-family rental vacancy rates to low levels and have contributed to high growth in rents.”
Comparative Rental Prices
CoreLogic regularly analyzes four tiers of rental prices. National single-family rent growth across the four property tiers looked like this in February:
- Lower-priced (75% or less than regional median) – +12.7%, up from 3% in February 2021
- Lower-middle priced (75% – 100% of regional median) – +13.8% from 3.2% in February 2021
- Higher-middle priced (100% – 125% of regional median) – +13.9% from 3.6% in February 2021
- Higher-priced (125% or more of regional median) – +12.8% from 4.6% in February 2021
Single-Family Rent Changes
Miami-Miami Beach- Kendall FL +39.5% y/y
Orlando-Kissimmee-Sanford FL +22.2% y/y
Phoenix-Mesa-Scottsdale AZ +18.9% y/y
San Diego-Carlsbad CA +17.1% y/y
Las Vegas-Henderson-Paradise NV +16.9% y/y
Austin-Round Rock TX +14.5% y/y
Boston MA +14.0% y/y
Dallas-Plano-Irving TX +13.8% y/y
Seattle-Bellevue-Everett WA +12.4% y/y
Atlanta-Sandy Springs-Roswell GA +11.9% y/y
Charlotte-Concord-Gastonia NC-SC +11.8% y/y
Tucson AZ +11.6% y/y
Houston-Woodlands-Sugar Land TX +10.2% y/y
Los Ángeles-Long Beach-Glendale CA +10.1% y/y
Chicago-Naperville-Arlington Heights IL +9.6% y/y
Philadelphia PA +9.3% y/y
Urban Honolulu HI +9.0% y/y
New York-New Jersey City-White Plains NY +7.7% y/y
St. Louis MO-IL +6.5% y/y
Washington-Arlington-Alexandria DC-VA +6.5% y/y
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Thanks to CoreLogic.
