Single-family rent costs are Increasing at a Record rate

Demand for single-family rental homes is increasing continuously, pushing costs to record highs, as North Americans continue to desire larger homes including outdoor spaces.

Single-family rents rose a record 12.6% on annual basis in January, as per a new report from CoreLogic with growing rise of 3.9% in January 2021.

Every market witnessed rise in costs, but cities in the Sun Belt saw highly striking numbers.

Single-family rents increased 38.6% in Miami, Orlando, and Phoenix saw an increase of 19.9% and 18.9% respectively, as most of the Americans are preferring to migrate to warmer parts of the country.

The Washington, D.C. saw the least annual increase in rent prices of 5.6%.

Molly Boesel, principal economist at CoreLogic, “Single-family-rent growth extended its record-breaking price growth streak to 10 consecutive months in January.”