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Single-family Rent Growth Faster in Markets with Low Vacancies: One-percentage point lower vacancy rate leads to 0.5% faster rent growth
Rent growth varies across neighborhoods and over time. For this reason, rent-growth expectations are important not just for families who are deciding whether to rent or own their home, but also for investors who are trying to forecast net revenue on their housing investment.
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LENDING, SERVICING, INVESTMENTS, REAL ESTATE
CoreLogic has developed the country's largest proprietary public records database, and the largest databases for fraud and mortgage securities and servicing.
Rent Growth for Lower-Priced Rental Homes Stayed Strong
Last July CoreLogic reported that, nationally, rent growth on single-family homes had begun to moderate in 2016 based on the CoreLogic Single-Family Rental Index (SFRI). Now that it is six months later, has that trend continued?
Education Still Makes a Difference
As college costs have skyrocketed, students and their families have taken on debt to make up the difference. Many studies have pointed out that the increasing student debt has created a financial burden on millennials and postponed their homebuying decisions.
A Closer Look from Rental Property Solution Data
- 60 percent of rental housing applicants from 2011 to 2015 were millennials
- 48 percent of millennial rental applicants had student loan debts in 2015
- Average student loan balance of millennial rental applicants reached $31,900 in 2015
New Single-Family Rental Index from CoreLogic Shows Slower Single-Family Rent Growth
Given the growing role that rental properties are playing in real estate, CoreLogic has developed a new Single-Family Rental Index (SFRI) to measure the changing rent dynamics of single-family rental properties. The index, which uses a methodology similar to our own CoreLogic Home Price Index (HPI), as well as the CoreLogic Case-Shiller Index, measures changes in rents by comparing repeat leases on the same single-family properties. The index allows us to track the changes in rents while controlling for the mix and quality of single-family rental properties, which is a very important and unique feature of the index.
Nationally and at the Metro Level, Google Searches Correlate with Rental Prices
In Part I of this blog we discussed how Google Trends1 can provide insights into rental prices at the national level. Here we focus on the correlation between Google Trends and real rental prices for a few large metros. As with the national level analysis, structural time series models were used to extract the long-term trends from Google search interests, and real rental prices-per-square-foot were normalized to get real rental price appreciation since January 2012. Read More
National Average Rental Prices Unlikely to Fall This Summer
In a white paper published in 2009, Google claimed that Google Trends is able to help in predicting the present, in the sense that search volume data may be correlated with the current level of economic activity1. A growing number of academic studies have demonstrated that Google Trends can provide insights into home prices and Consumer Sentiment Index2, 3. Using CoreLogic rental price data4 and Google Trends for the category “Apartment & Residential Rentals,” a new analysis from CoreLogic shows a strong correlation between Google search interest and real rental prices (dollar per square foot)5. Read More