Single-family rent prices increased +13.1% y/y in February.

US Rent Prices Continued Double-Digit Gains in February

US rent prices across the nation in all metros jumped +13.1% y/y to hit its highest level in the history of CoreLogic’s single-family rent price index.  Warmer spots in the country posted the strongest rent gains.

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According to Molly Boesel, principal economist with CoreLogic, “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 employment and low supply have pushed single-family rental vacancy rates to low levels and have contributed to the high growth in rents.”

National Single-Family Rent Growth Across Four Price Tiers

The gap in growth between the lowest- and highest- priced rental tiers closed in February:

  • Lower-priced (75% or less than regional median) – +12.7% from 3% in February 2021
  • Lower-middle priced (75% to 100% of regional median) – +13.8% from 3.2% in February 2021
  • Higher-middle priced (100% to 125% of regional median) – +13.9% from 3.6% in February 2021
  • Higher-priced (125% and up from regional median) – +12.8% from 4.6% in February 2021

Attached rental property prices increased +12.0% y/y while detached rental property prices increased +12.8% y/y, a record high.

Single-Family Rent Changes

Metro              Y/Y Rent Change                S-F Median Rent Prices

Miami                  +39.5%                                $2,448

Orlando               +32.2%                                $1,919

Phoenix               +18.9%                                 $2,162

San Diego           +17.1%                                 $3,403

Las Vegas            +16.9%                                 $2,057

Austin                 +14.9%                                  $1,986

Boston                 +14.0%                                  $2,934

Dallas                  +13.8%                                  $2,020

Seattle                 +12.4%                                  $3,073

Atlanta                 +11.9%                                  $1,728

Charlotte              +11.8%                                  $1,717

Tucson                  +11.6%                                   $1,847

Houston                +10.2%                                   $1,714

Los Angeles           +10.1%                                    $3,342

Chicago                   +9.6%                                   $2,132

Philadelphia             +9.3%                                   $1,481

Urban Honolulu        +9.0%                                   $3,427

New York                 +7.7%                                   $2,874

St. Louis                  +6.5%                                   $1,447

Washington              +6.5%                                   $2,701

Miami Metro Now Most Rent-Burdened in Country

In March. named the Miami metro area the most rent-burdened area in the country. Tenants, on average, in Miami are now spending nearly 60% of their monthly income on housing.

The same is true in Miami suburbs with April rents rising +38.2% y/y, according to Zumper.

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Thanks to CoreLogic, Zumper and

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