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Single-Family Rents See Largest Yearly Increase in 15 Years

CoreLogic: The cost to rent a single-family home rose 5.31% year-to-year in April, up from 2.4% one year earlier. Detached homes rose 7.9%; attached homes rose 2.2%.

NEW YORK – The United States experienced the largest annual rent price increase in 15 years for single-family homes in April, according to a report released Tuesday.

Property analytics group CoreLogic’s Single-Family Rent Index found that single-family rent prices increased 5.31% year over year in April, up from a 2.4% increase in April 2020.

“While rent growth dipped significantly last April at the start of the pandemic, rising affordability issues and supply shortages in the for-sale housing market and ongoing demographic pressure from aging millennials have continued to place upward pressure on the single-family rental market – leading to the largest annual rent price increase in nearly 15 years in April 2021,” CoreLogic said.

Rents for single-family detached homes experienced accelerated growth, rising 7.9% year over year in April 2021, compared to a 2.2% increase for attached rentals.

A survey by CoreLogic found that 49% of millennials and 64% of baby boomers “strongly prefer” to live in a single, stand-alone home.

“Single-family rent growth showed a strong rebound in April 2021 with all price tiers back above their pre-pandemic rent growth rate,” said Mollye Boesel, principal economist at CoreLogic. “While rent growth slowed last April at the start of the pandemic, the rate of rent growth this April was running above pre-pandemic levels, even when compared with 2019, and shows no signs of diminishing.”

Phoenix had the highest year-over-year increase in single-family rents in April 2021, rising 12.2%, while Tucson Ariz., placed second with a 10.6% increase. Atlanta ranked fourth with 9.1% rent growth, despite having the lowest unemployment rate of the 20 metro areas.

Boston saw a 5.9% decrease in rent prices and has experienced the greatest decrease in 20 metros’ rent prices for nine consecutive months.

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