Single-family rents skyrocketed in July to a 16.5 year high, according to the CoreLogic Single-Family Rent Index…(CoreLogic)
- M-O-M: Single-frailly rents were up 1 percentage point from July’s to 8.5% year over year,
- Y-O-Y: Single-family rents jumped 6.8 percentage points when compared to August 2020.
Rent prices, luckily, are moving in accordance with cost. This means the higher-priced tiers have seen the biggest price jumps…
- The highest-priced level was up 8.1 percentage points year-over-year to 9.8% in July 2021. The higher-middle priced level was up 6.3 percentage points to 8%.
- The lower-middle price level was up 5.6 percentage points year-over-year to 7.2% and the lower-priced level was up 3.5 percentage points to 5.9%.
NOTE: Phoenix had the highest year-over-year increase in single-family rents in July 2021 at 18.9%. Miami logged the second-highest rent price growth with a gain of 17%, followed by Las Vegas’ gain of 14.3%.