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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