Single-Family Rent Price Growth Hits Record High
According to CoreLogic’s latest Single-Family Rent Index (SFRI), U.S. single-family rent prices started 2022 strong, increasing 12.6% year over year in January compared to 3.9% in January 2021. In order to gain a detailed view of single-family rental prices, CoreLogic examines four tiers of rental prices. National single-family rent growth across the four tiers, and the year-over-year changes, were as follows:
- Lower-priced (75% or less than the regional median): 12%, up from 3% in January 2021
- Lower-middle priced (75% to 100% of the regional median): 13.3%, up from 3.2% in January 2021
- Higher-middle priced (100% to 125% of the regional median): 13.4%, up from 3.6% in January 2021
- Higher-priced (125% or more than the regional median): 12.2%, up from 4.5% in January 2021
“Single-family rent growth extended its record-breaking price growth streak to 10 consecutive months in January…Rents increased across the country, and the gains were highest in the Sun Belt, which also had strong population growth last year.” Said Molly Boesel, principal economist at CoreLogic.