Tenant moves slowed early in the pandemic and have rebounded
US SINGLE-FAMILY RENTS UP 2.9 PERCENT YEAR OVER YEAR IN FEBRUARY
- Rents for lower-priced homes increased faster than those of higher-price homes.
- Phoenix had the largest annual rent increase of the 20 analyzed areas in February.
U.S. single-family rents increased 2.9 percent year over year in February 2019, up from a 2.7 percent increase in February 2018, according to the CoreLogic Single-Family Rental Index (SFRI). The index measures rent changes among single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time. Single-family rents climbed steadily starting in 2010, and annual rent increases have stabilized, fluctuating between 2.7 and 3.1 percent for the past 12 months.
FOR BUYERS, LOWER MORTGAGE RATES SINCE THE HOUSING BUST SOFTENED THE BLOW OF RISING HOME PRICES
As home prices soared in recent years, homebuyers’ struggles with worsening affordability understandably garnered a lot of attention.
US SINGLE-FAMILY RENTS UP 3.1 PERCENT YEAR OVER YEAR IN AUGUST
- High-end segment rent growth accelerated and low-end segment decelerated in August 2018 compared with August 2017.
- Orlando and Las Vegas had the fastest rent growth in August.
FRANK NOTHAFT SHARED HIS FORECAST AT EPIQ 2018
While the nation has enjoyed nine straight years of economic growth and is on track to experience the longest expansion in U.S. history, the specter of the housing bubble and recession still lingers. At the EPIQ 2018 session “Economic Outlook & State of the Housing Industry,” CoreLogic Chief Economist Dr. Frank Nothaft revealed his forecast on the possibility of another housing bubble coming in the next few years.