Skip to main content

Single-Family Rent Prices Up 2.9 Percent

Phil Hall
Jan 15, 2019
With the national median rent for a one-bedroom unit at $1,320 per month, renters can save $515 a month by sharing their residence with at least one roommate, according to data in the inaugural HotPads Rooms for Rent Index report

Single-family rent prices nationwide increased 2.9 percent year-over-year in November, according to new data from CoreLogic. This was slightly above the 2.8 percent annualized increase recorded in November 2017.
 
Among the rental tiers, low-end rentals—defined as properties where rent prices are less than 75 percent of the regional median—were up by 3.8 percent year-over-year in November, down from the 3.9 percent annualized increase from November 2017. High-end rentals—defined as properties with rent prices greater than 125 percent of a region’s median rent—saw a 2.6 percent annualized upswing in November, higher than the 2.3 percent increase in November 2017.
 
Among the nation’s 20 largest metro areas, Las Vegas had the highest year-over-year increase in single-family rents during November at 6.7 percent, followed closely by Phoenix at 6.1 percent. Seattle was the only major metro with decreasing rent prices in November, with a 0.7 percent year-over-year decline. This marked the first time since May 2010 that rent prices in Seattle did not increase.
 
“Unlike the CoreLogic Home Price Index, which has seen a slowdown in growth over the past year, U.S. rent growth has remained stable,” said Molly Boesel, Principal Economist at CoreLogic. “However, long-term rent increases have been lower than long-term home price increases. For example, rent prices increased 17 percent over the past five years, compared with a 32 percent increase in home prices over the same period. Additionally, lower-priced rentals and homes increase 1 ½ to two times faster than higher-priced rentals and homes. These lopsided gains between price tiers are common.”

 
Published
Jan 15, 2019
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023
If You Build It, They Will Come

Ratings will go a long way toward growing the market for home equity-backed securities

Sep 07, 2023
Investors May Be Losing Interest In The Single-Family Rental Market

Rise in interest rates, drop in values have them pulling back in certain regions

Sep 07, 2023