- * Rents for lower-priced homes increased faster than those of higher-price homes.
- * Phoenix had the largest annual rent increase of the 20 analyzed metro areas in March.
- * Houston and Miami had the largest deceleration in rent growth in March.
U.S. single-family rents increased 2.9% year over year in March 2019, up from a 2.7% increase in March 2018, according to the CoreLogic Single-Family Rental Index (SFRI). The index measures rent changes among single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time. Single-family rents climbed steadily starting in 2010, and annual rent increases have stabilized, fluctuating between 2.7% and 3.1% for the past 12 months.
Rents for lower-priced homes are increasing at a faster clip than those of higher-priced homes. Low-end rentals are defined as properties with rents 75% or less than the region’s median rents.
Rents on lower-priced homes rose 3.5% year over year, while rents for higher-priced homes (properties with rents more than 125% of the regional median rent) rose 2.4% year over year, the study showed.
Phoenix is seeing the largest annual rent increase out of the 20 metro areas analyzed. Single-family rents in Phoenix grew by 7.4% in March year-over-year, followed by Las Vegas (6.9%) and Tucson, Ariz. (6.3%). Houston and Miami, on the other hand, saw the largest decreases in single-family rental growth.