Rent growth showed no sign of slowing in April, according to CoreLogic’s Single-Family Rent Index…(CoreLogic)
- Y-O-Y: U.S. single-family rent growth continued its hot streak in April, with prices up by 14% year over year, up from 13.6% in March.
Miami continues to lead the way with an astounding 40.8% year-over-year price jump in April, this is seven times the rate reported in April 2021.
- Another Florida metro, Orlando, took the number two spot with 25.8% year-over-year price growth followed by Phoenix (+17.8%), San Diego (+17.3%), and Las Vegas (+17.0%)
When it comes to price tiers the middle of the pack is actually leading the way. The higher-middle priced tier was up 14.6% year-over-year followed by lower-middle priced up 14.4%, lower-priced (13.7%), and higher-priced (+13.5%).
- Despite the lowest yearly appreciate, higher-priced rentals saw the biggest monthly jump with a 6.4% jump from March and the lower-priced tier saw the smallest increase at 4.0%.
Molly Boesel, principal economist at CoreLogic, notes the housing shortage isn’t just a problem for buyers…
- “A shortage of single-family properties available for rent has plagued the market, pushing rents up at record-level rates…The number of single-family rental properties listed in early 2022 was well below pre-pandemic levels and still shrinking from one year ago.”