If you thought you could escape rising housing costs by renting, you are [redacted] out of luck, according to the CoreLogic Single-Family Rent Index. (CL)
- HIGH PRICED RENTALS: Increased 5% in March 2021 which was up from the 2.8% gain in March 2020. This was the fastest increase in higher-price rents since August 2006.
- LOW PRICED RENTALS: Good news for those in the lower-income bracket as rents increased 3.2% year over year which was down from the 3.8% we saw in March 2020.
It wasn’t just income that saw a divergence in prices. Property type made a big difference when it came to annualized gains.
- DETACHED PROPERTIES: Increased 6.9% year-over-year in March 2021. This was up drastically from the 2.9% growth we in March 2020.
- ATTACHED PROPERTIES: Saw just 1.3% year-over-year growth in March 2021. This was down from the 2.7% we saw in March 2020.
If you are someone who is looking for a lower-priced attached property you’ll be pretty satisfied with some of the prices out there. However, if you are someone who is looking to rent a high-priced single-family home to wait out the current upswing in housing prices you probably aren’t going to be too happy.