Single-Family Rents Up +5.3% in April

Share on facebook
Share on google
Share on twitter
Share on linkedin
We'd love to tell you more about Libertas and our growing community of 1,000's of real estate agents. As a premier eXp Realty partner, we'll provide everything you need to grow your business!

Key Highlights

  • Single-family rents jumped +5.3% y/y in April
  • Largest annual single-family rent gain in almost 15 years

Demand Skyrocketing for Single-Family Rentals

According to CoreLogic’s just released Single-Family Rent Index (SFRI), single-family rent growth rose +5.3% in April 2021.  This is the fastest pace of single-family rent growth since May 2006.

Compared with CoreLogic’s SFRI in 2019 (due to the Index’s pandemic slowing in 2020), rent growth in 2021 is now ahead of pre-pandemic levels.

Also worth noting in this report, rent growth of detached properties exceeded more than three times the rent growth of attached properties.

Single-Family Rent Growth by Price Levels

All price tiers of single-family rentals came in ahead of pre-pandemic rates.  This is a first for low-end rentals despite low-end rent growth lagging behind higher-tier price levels.

Prices for low-end properties increased +3.9% y/y in April while higher-priced rentals saw rent growth of +6.1% in April 2021.  This +6.1% growth rate was the fastest increase in higher-priced single-family rentals since May 2006.

Detached Property Rentals Seeing Most Rent Growth

Detached properties (properties with a freestanding residential building) saw an accelerated rent growth of +7.9% y/y in April 2021.

Attached single-family units (duplexes, triplexes, quadplexes, townhouses, row-houses, condos and co-ops) saw an increase in rent growth of +2.2% y/y.

Single-Family Rental Growth in Large Metros

The y/y change in CoreLogic’s April 2021 Single-Family Rent Index points to the country’s large metros with the greatest increases and declines

Take a look:

  • Phoenix – +12.2% (ahead of the pack over last 3 years)
  • Tucson – +10.6%
  • Las Vegas – +9.3%

Boston (-5.9%) and Chicago (-2.6%) were the only two among 20 metros that experienced decelerations in single-family rent growth in April 2021

Cause of Uptick in Single-Family Rent Growth in April 2021?

CoreLogic attributes both affordability issues and inventory shortages in for-sale housing as the two primary causes for this explosive uptick in single-family home rent growth.

The third part of this equation, according to CoreLogic, is the ongoing market pressure from aging Millennials who want to live in single-family housing, be that housing rental or for-sale properties.  In other words, more demand translates into higher rent prices just as higher single-family for-sale prices.

 

Thanks to CoreLogic.

 

URGENT: 2021 Results Released. New FREE On-Line Web Event Reveals 17 Surprising Secrets Of The Top 100 Millionaire Agents. Get Your FREE Spot For The On-Line Webinar Now. When You Attend This Event You Will Have A Sense Of Relief Knowing You Can FINALLY Laugh At Your Money Worries – If You Follow This Simple Plan. Learn How To Generate 100’s of Motivated Leads Without Coming Off As A Pushy Salesperson and Losing Your Soul. Learn Now How To Become One of the 1000s of Agents Making HUGE Money NOW Who Never Thought They Could.



P.S. Limited Space Available. 235 Spots Left.

ANYTHING TO SAY?

About Libertas

Libertas has become one of the largest, most innovative eXp partners in the world. Our cutting-edge technology is helping fuel agent careers to new heights. We invite you to join our 1,000’s of active Libertas agents today!

recent posts

get social

Libertas Community

STAY UP-TO-DATE ON THE MARKET