Property owners are charging more for their single-family rentals as demand soars. Single-family rental prices continue to rapidly increase with record growth, according to CoreLogic’s Single-Family Rent Index. In November 2021, single-family rent growth nationally rose 11.5% year-over-year.
Annual rent price growth has continued to double—and even triple—in the last several months in some markets, according to the index.
“Improvements in the economy and job market have helped push single-family rent growth to record levels,” says Molly Boesel, principal economist at CoreLogic. “However, rapid increases in single-family rents, especially for lower-priced properties, have led to a continued erosion of affordability.”
Rent growth also may lead to heightened concerns around inflation since it is reflected in inflation measures, CoreLogic notes.
Miami posted the highest year-over-year increase in single-family rents in November 2021. Prices jumped 33% over the past year, followed by Phoenix (19.4%), Las Vegas (16.7%), and Austin (15.9%).