Single Family Rents Up 11.5% Year-Over-Year
January 19, 2022 | Ted Knutson | GlobeSt.com
Single family rents were up 11.5% year-over-year in November, CoreLogic reported.
The increase hit a seventh consecutive record high.
“The November 2021 increase was more than three times the November 2020 increase, and while the index growth slowed in the summer of 2020, rent growth returned to its pre-pandemic rate by October 2020, CoreLogic Principal Economist Molly Boesel noted in unveiling the latest CoreLogic Single-Family Rent Index.
In price ranges, rents in the high price tier led the hikes with an 11.7% increase with the low price tier climbing 10.4%.
CoreLogic called the hikes the fastest increases in the history of the SFRI for both the low- and high-price rent tiers.
The increases have led to decreases in affordability, the report said.
CoreLogic predicted rent growth should continue to be robust in the near term, especially as the labor market continues to improve.
The survey found rent growth for attached properties slowed a bit while that of detached properties strengthened. Annual rent growth for detached rentals was 12.1% in November, compared with 10.3% for attached rentals.
