U.S. rent grew 11.5% year-to-year, according to a CoreLogic index, with the Miami metro area leading the nation at 33%, and the Orlando area No. 5 at 15.9%.
Property owners are charging more for their single-family rentals as demand soars and they’re still finding willing tenants. Single-family rental prices continue to rapidly increase with record growth, according to CoreLogic’s Single-Family Rent Index. In November 2021, single-family rent growth nationally rose 11.5% year-over-year.
Annual rent price growth has continued to double – and even triple – in the last several months in some markets, according to the index.
Miami-Miami Beach-Kendall posted the highest year-over-year increase in single-family rents in November 2021, where prices jumped 33% over the past year, followed by Phoenix-Mesa-Scottsdale (19.4%) and Las Vegas-Henderson-Paradise (16.7%).
In addition to Miami, Orlando-Kissimmee-Sanford ranked fifth in CoreLogic’s list for highest yearly rent increases, rising 15.9% in the November report. Overall, the range of rent increases in the top 20 metro areas ranged from Miami’s 33% to No. 20, the Washington, D.C., metro area’s 5.4%.
“Improvements in the economy and job market have helped push single-family rent growth to record levels,” says Molly Boesel, principal economist at CoreLogic. “However, rapid increases in single-family rents, especially for lower-priced properties, have led to a continued erosion of affordability.”
Rent growth also may lead to heightened concerns about inflation since it’s reflected in inflation measures, CoreLogic notes.
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