Inman Connect
Rent prices are significantly higher than they were at the same time last year, rising by a nationwide 3.8 percent in January.
According to the latest Single-Family Rent Index report from CoreLogic released on Tuesday, rent price growth remained stable from December to January. That said, the number is still much higher than it was in January 2020 pre-pandemic, when only a 2.9 percent increase was observed.
CoreLogic
This type of growth indicates that the pandemic did little to curb demand for rental housing and the accompanying increase in prices. Such high growth has not been seen since June 2016. Unexpectedly, growth of lower-end homes worth less than 75 percent of an area’s median price dropped from 3.7 percent in 2020 to 2.9 percent now, but all other types of homes saw large increases. Homes worth more than 125 percent of an area’s median saw the highest jump from 2.5 percent in 2020 to 4.2 percent now.
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from CoreLogic
The Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. December 2020 data shows a national rent increase of 3.8 % year over year, up from a 2.9 % year-over-year increase in December 2019. Annual rent growth slowed in the early months of the pandemic but then steadily picked up in the latter half of the year, reaching pre-pandemic growth rates by October.
2020 was a noteworthy year for the single-family rental market. Renters sought more space and detached properties to weather the pandemic, which kept rent prices of single-family properties on the rise and multifamily rents tumbling. While single-family rents increased on average, some areas of the country experienced lower growth and even drops in rents.
Nationwide rent prices rose 3.8 percent year-over-year in December, continuing an upward trend that has been largely unaffected by the pandemic.
According to the latest Single-Family Rent Index report released by CoreLogic on Tuesday, rental prices across the country are up 0.9 percent compared to last year. While there was a dip in prices during the very early months of the pandemic, the cost of renting a home has continued to climb at unprecedented rates throughout both the coronavirus and subsequent unemployment crises rental prices are now growing faster than they were before the pandemic.
CoreLogic
“In the final months of 2020, single-family rents posted the highest increases in over four years,” Molly Boesel, principal economist at CoreLogic, said in a prepared statement. “However, single-family rent price reaction to the pandemic and resulting recession differed greatly across metros. While rents in the Southwest U.S. strengthened, in some areas of the country in