Rent prices continue to rise at a record pace and have now broken a record in March, according to the CoreLogic Single-Family Rent Index report…(CoreLogic)
- U.S. single-family rent price growth was up 13.6% year-over-year in March, up from the 13.1% reported in February.
- The year-over-year U.S. rent price growth is more than triple the gain recorded in March 2021 and more than quadrupled the increase from March 2020.
Miami continues to lead the way with a just crazy 40.7% year-over-year gain, more than 10 times its March 2021 growth rate.
- Orlando, Fla was number two with 24.6% growth followed by Phoenix, AZ only up 18.6%.
The one silver lining in March was the lower-priced tiers seeing the least appreciation of all the categories with 12.4% year-over-year gains, up from 3.3% in March 2021.
- Higher priced tiers were up 13% year-over-year, up from 5.3% in March 2021
- Lower-middle priced tiers were up 14.1%, up from 3.5% in March 2021.
- Higher-middle priced tiers were up 14.6%, up from 3.8% in March 2021.
NOTE: Even though lower-priced tiers saw the smallest year-over-year jump the category also saw the biggest percent change at 375% year-over-year compared to the higher-priced tier which was up 245%.