If you want to know why the housing market continues to look strong heading into 2022 we have your answer. Rent prices continue to skyrocket across the county, according to the latest data from CoreLogic…(CoreLogic)
- M-O-M: Rents were up 0.7 percentage points to 10.9% in October 2021
- Y-O-Y: Rents were over 3 times higher than the same time last year (3.2%). This the fastest year-over-year increase in over 16 years.
Not surprisingly, rent growth accelerated for all price tiers in October. However, luckily price growth seem to coordinate with price tiers…
- LOW-PRICE TIERS saw the smallest increase at 9.5% year over year in October 2021, up from 2.8% in October 2020.
- HIGH-PRICE TIERS saw the biggest jump at 11.4% in October 2021, up from a gain of 3.5% in October 2020.
NOTE: Both increases, like the overall rate, was the fastest increase in the history.
Miami, by far, saw the biggest year-over-year jump with 29.7% growth followed by Phoenix at 19.3% and Las Vegas at 16.5%.
Molly Boesel, principal economist at CoreLogic, noted that the year-over-year comparison are no longer because of pandemic lows…
- “Single-family rent growth hit its sixth consecutive record high in October 2021, mirroring record price increases in the for-sale housing market…Rent growth in October 2020 had already recovered from pre-pandemic lows and rent growth this October was more than three times that of a year earlier.”