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. Realtor.com 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 Realtor.com.
