Rents showed no sign of stopping in August, according to the latest CoreLogic Single-Family Rents index…(CoreLogic)
- U.S. single-family rent growth jumped 9.3% in August when compared to August 2020.
- This was the fastest growth in 16 years and was more than four times the August 2020 increase.
The only silver lining is the fact that the higher-priced properties continue to see the highest appreciation…
- High-price rentals jumped 10.5% in August 2021, up from the 2.3% year-over-year increase in August 2020.
- Low-price rentals increased 7.1% year over year in August 2021, up from the 2.4% seen in August 2020.
NOTE: This was the fastest increase in the history of the SFRI for both the low- and high-price rent tiers.
Looking at metro areas, Miami saw the biggest jump with a whopping 21.4% year-over-year increase followed by Phoenix (+19.2%) and Las Vegas (+15.4%)
NOTE: This was the first time Phoenix was not in the top spot in almost three years.