Rental prices continued their vertical climb in November, according to the latest CoreLogic Single-Family Rent Index…(CoreLogic)
- National rent was up 11.5% year-over-year up from October’s 10.9% growth rate.
- This is well above last year’s 3.8% year-over-year appreciation.
For the first time since the pandemic, the highest-priced rentals did not see the most appreciation. Higher-middle priced rents took the top spot with 12.0% growth, up from 3.8% in November 2020…
- Higher-priced rentals saw an appreciation of 11.7% followed by lower-middle priced (+11.3%) and lower-priced (+10.4%)
Miami, FL is still the worst place to rent when looking at year-over-year appreciation with 33.0% growth when compared to November 2020 followed by Phoenix (+19.4%) and Las Vegas (+16.7%).
- NOTE: 11 of the 20 metro areas surveyed saw double-digit price growth year-over-year.
Rental data is always a good reminder of why the housing market can remain hot even with rising mortgage rates and homes prices.