High-end rentals—properties with rent prices greater than 125 percent of a region’s median rent—were up 2.7 percent year-over-year in July, whereas this property sector only saw a gain of 1.9 percent in July 2017. Rent prices among low-end rentals—properties with rent prices less than 75 percent of the regional median—were up by 3.9 percent in July, compared to a gain of 4.3 percent in July 2017.
Among the nation’s 20 largest metro areas, Orlando had the highest year-over-year increase in single-family rents in July at 6.4 percent, followed by Las Vegas at 5.7 percent and Tucson, Ariz., at 4.2 percent. Seattle had the lowest rent price increase in at 1.1 percent.
“Single-family rents were quick to respond to the late-summer hurricanes in 2017 with increased rental demand showing up in higher rents in just one-two months after the disasters,” said Molly Boesel, CoreLogic Principal Economist. “Similar movements in rents could be seen in metro areas affected by Hurricane Florence in the following months.”