The United States experienced the largest annual rent price increase in 15 years for single-family homes in April, according to a report released Tuesday.
Property analytics group CoreLogic’s Single-Family Rent Index found that single-family rent prices increased 5.31% year over year in April, up from a 2.4% increase in April 2020.
“While rent growth dipped significantly last April at the start of the pandemic, rising affordability issues and supply shortages in the for-sale housing market and ongoing demographic pressure from aging millennials have continued to place upward pressure on the single-family rental market — leading to the largest annual rent price increase in nearly 15 years in April 2021,” CoreLogic said.
Rents for single-family detached homes experienced accelerated growth, rising 7.9% year over year in April 2021, compared to a 2.2% increase for attached rentals.
A survey by CoreLogic found that 49% of millennials and 64% of baby boomers “Strongly prefer” to live in a single, stand-alone home.
“Single-family rent growth showed a strong rebound in April 2021 with all price tiers back above their pre-pandemic rent growth rate,” said Mollye Boesel, principal economist at CoreLogic. “While rent growth slowed last April at the start of the pandemic, the rate of rent growth this April was running above pre-pandemic levels even when compared with 2019 and shows no signs of diminishing.”
Phoenix had the highest year-over-year increase in single-family rents in April 2021, rising 12.2%, while Tucson Ariz., placed second with a 10.6% increase.
Atlanta ranked fourth with 9.1% rent growth, despite having the lowest unemployment rate of the 20 metro areas.
Boston saw a 5.9% decrease in rent prices and has experienced the greatest decrease in 20 metros’ rent prices for nine consecutive months.
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When you add in all the months of free rent in the Democrat Blue States that refused to allow deadbeat renters to be evicted during the fake COVID emergency they never let go to waste,, the renters as a whole are still way ahead of the game, but the building owners can’t help but catch up because the Biden crew has made building new units so expensive, none will be built unless robber baron rents are allowed, or more tent cities are in the plans by guys like Newsom in California who imports more illegal populations than there are even now, decent housing to accomodate. Soon THE PEOPLE will be paying higher rents on their own units, and higher taxes to house illegals in the Democrat circle of economic death.
I count my lucky stars, that the home i own in gulfport, that is being rented out, NEVER ONE had an issue with the tenant, having issues paying her rent. NOT ONCE…
Prices are unbelievable. Rent for a small 3 bedroom home here is $2K a month and we are not a large blue city.
Buying the same house outright in a decent but not high class neighborhood is $300,000 or more. I’m glad I already own my house because there’s no way I could afford to live in it if I had to buy it now or even rent it.
Somewhere I read that the new scam is by Businesses buying up all the available homes cheaply and putting them on the rental market at much higher rents then usual. Sorry do not recall the Companies involved. Just look at the rental listings , you could figure it out.
Doesn’t surprise me one bit. ESPECIALLY With the dearth of those home flipping shows, and companies getting INTO that practice..