Single-Family Rents Rise by Double Digits Year-Over-Year
Led by Miami, U.S. single-family rent growth continued its hot streak in April, with prices up by 14% year-over-year, the 13th consecutive month of record-breaking annual gains, CoreLogic said Tuesday. As in prior months, a shortage of rental properties on the market is putting pressure on prices, along with a thriving job market.
The Y-O-Y U.S. rent price growth once again was more than double April 2021’s increase and more than six times higher than the April 2020 growth. Rental cost gains slowed in early 2020 amid the uncertainty surrounding the COVID-19 pandemic but rebounded by autumn of that year.
“Single-family rents continue to increase at record-level rates,” said Molly Boesel, CoreLogic principal economist. “In April, rent growth provided upward pressure on inflation, which rose at rates not seen in nearly 40 years. We expect single-family rent growth to continue to increase at a rapid pace throughout 2022.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).