Low inventory levels aren’t just impacting purchases it is also causing rent prices to skyrocket, according to CoreLogic’s Single-Family Rent Index…(CoreLogic)
- U.S. single-family rent growth increased 12% in December 2021, the fastest year-over-year increase in over 16 years.
- The December 2021 increase was more than three times the December 2020 increase.
A noticeable spread has existed between increases at the bottom and top of the rental tiers however that spread appears to be narrowing…
- High-priced tiers were up 11.9% year-over-year, up from 4.5% in December 2020.
- Low-priced triers were up 11.2% year-over-year, up from 3.9% in December 2020.
Miami, once again, led rental markets with a 35.7% increase in December. Phoenix was a distant second at 18.9%.
- Washington, D.C. had the lowest increase at 5.3% year-over-year.