Southwest sees fastest single-family rent increase
Last month, we reported that Phoenix led the nation in multifamily rent growth. Now, according to a recent report from CoreLogic, single-family homes are following suit as rent prices are increasing the fastest in the Southwest.
Phoenix had the highest year-over-year rent growth for the seventh consecutive month this June, with an increase of 7.1%. The Arizona capital was followed by Tucson (6.8%) and Las Vegas (5.8%), according to the report.
Overall, the nation’s single-family rents increased 2.9% year over year in June 2019, down from a 3% increase the same time last year, according to the CoreLogic Single-Family Rent Index.
“Single-family rents started climbing steadily in 2010, and during the past 12 months annual rent increases have stabilized, fluctuating between 2.9% and 3.2%,” the report said.
Notably, rent for lower-priced homes – defined by CoreLogic as properties with rents 75% or less of a region’s median rent – increased faster than those of higher-priced homes in June.
“Rents on lower-priced rental homes increased 3.6% year over year and rents for higher-priced homes, defined as properties with rents more than 125% of the regional median rent, increased 2.7% year over year,” the report said.
Miami had the lowest rent growth in June, while San Diego and Houston had the largest deceleration in rent growth.
Published at Wed, 21 Aug 2019 21:25:00 +0000