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Rent Gains are Setting Records Too

Posted To: MND NewsWire

While home prices have been posting record increases for months, it appears that rents are trying to keep up. CoreLogic says the connection is clear. The company’s Single-Family Rent Index, which analyzes single-family rent price changes nationally and across major metropolitan areas, shows rent growth in June was the highest since at least 2005 , an annual gain of 7.5 percent. The increase in June 2020 was 1.4 percent. The company examines the path of single-family rents across four price tiers, and in each, the growth exceeded pre-pandemic rates for the third straight month . In the lower-priced tier of homes, those that rent for up to 75 percent of the regional median, rents increased 5.3 percent in June compared to 2.3 percent a year earlier. The lower-middle tier, with rents from 75 to…(read more)

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