Single-family rent price gains tripled y/y in March 2022
Single-Family Rent Growth Continued at Record Pace in March
CoreLogic’s latest Single-Family Rent Index indicates that single-family rent price growth increased +13.6% y/y in March 2022. Not only did scant rental inventory squeeze renters, home price gains of single-family rental properties more tightly chocked affordability, a big factor contributing to the inflationary consumer price index (CPI).
Year-over-year US rent price growth in March 2022 more than tripled compared with rent price growth in March 2021 and more than quadrupled rent price growth in March 2020.
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Molly Boesel, principal economist with CoreLogic, said, “A shortage of single-family properties available for rent has plagued the market, pushing rents up at record-levels. The number of single-family rental properties listed in early 2022 was well below pre-pandemic levels and still shrinking from one year ago.”
National Single-Family Rent Growth by Four Market Tiers
- Lower priced (75% or less than regional median) – 12.4%, up from 3.3% in March 2021
- Lower-middle priced (75% to 100% of regional median) – 14.1%, up from 3.5% in March 2021
- Higher-middle priced (100% to 125% of regional median) – 14.6%, up from 3.8% in March 2021
- Higher-priced (125% or more than regional median) – 13%, up from 5.3% in March 2021
Single-Family Rent Price Change in Select Metro Areas
Metro 3/22 S-F Y/Y Rent Change 2/22 S-F Med. Rent
Miami FL +40.7% $2,442/month
Orlando FL +24.6% $1,878
Phoenix AZ +18.6% $2,093
Las Vegas NV +17.0% $2,034
San Diego CA +16.5% $3,363
Austin TX +14.2% $1,949
Dallas TX +14.1% $2,013
Boston MA +13.3% $2,924
Atlanta GA +12.8% $1,713
Tucson AZ +12.1% $1,792
Seattle WA +11.9% $1,055
Charlotte NC-SC +11.2% $1,709
Chicago IL +10.7% $2,121
Los Angeles CA +10.6% $3,308
Houston TX +9.9% $1,715
Philadelphia PA +9.1% $1,481
Urban Honolulu HI +8.3% $3,381
New York NY +8.2% $2,874
Washington DC +7.6% $2,692
St. Louis MO +7.5% $1,447
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Thanks to CoreLogic.
