Single-family rents jumped +14% y/y in April for the 13th month of record-breaking annual gains.
April’s Single-Family Rent Prices Spurred by Supply Shortages & Strong Job Market
CoreLogic’s just released Single-Family Rent Index (SFRI) indicated that single-family rent growth continued its hot streak in April. Single-family rents jumped +14% y/y for the 13th consecutive month of record-breaking annual gains.
CoreLogic pointed to three specific catalysts that applied upward pressure to single-family rent prices in April: supply shortages of single-family rental properties, the nation’s economy adding nearly +430,000 new jobs, and an increase in wage growth of +5.5%.
Molly Boesel, principal economist at CoreLogic, said, “Single-family rents continue to increase at record-level rates. In April, rent growth provided upward pressure on inflation, which rose at rates not seen in nearly 40 years. We expect single-family rent growth to continue to increase at a rapid pace throughout 2022.”
Single-Family Rent Growth Across Four Price Tiers
- Lower-priced – +13.7% y/y from 4% in April 2021
- Lower-middle priced – +14.4% y/y from 4.4% in April 2021
- Higher-middle priced – +14.6% y/y from 4.6% in April 2021
- Higher-priced – +13.5% y/y from 6.4% in April 2021
Single-Family Rents in US Soar in April
Metro 4/22 Y/Y Price Change Median Rents
Miami +40.8% $2,519/month
Orlando +25.8% $1,947
Phoenix +17.8% $2,137
San Diego +17.3% $1,503
Las Vegas +17.0% $2,089
Dallas +14.3% $2,078
Austin +14.1% $1,972
Boston +13.3% $3,016
Atlanta +13.2% $1,777
Tucson +12.7% $1,878
Charlotte +12.0% $1,757
Seattle +11.6% $3,176
Los Angeles +10.9% $3,176
Chicago +10.3% $2,164
Houston +9.8% $1,742
New York City +8.4% $2,971
Washington DC +8.2% $2,718
St. Louis +8.2% $1,466
Philadelphia +7.8% $1,490
Honolulu +7.7% $3,479
Thanks to CoreLogic.
