CoreLogic: Single-Family Rents Up 3.1 Percent

Phil Hall

Feb 19, 2019

<div>Oregon is poised to make history as the first in the nation to offer a statewide rent control policy.</div> <div> </div> <div><a href="https://www.oregonlive.com/politics/2019/02/oregon-legislature-passes-nations-first-statewide-rent-control-p

Single-family rent prices recorded a 3.1 percent increase in December, according to new data from CoreLogic. This is slightly higher than the 2.9 percent increase recorded in December 2017.

CoreLogic determined that national rent growth was primarily fueled by low-end rentals throughout 2018. This market sector, which is defined as properties with rent prices less than 75 percent of the regional median, saw a 3.7 percent annualized increase in December, down slightly from the 3.9 percent increase from one year earlier. High-end rentals, where the rent prices are greater than 125 percent of a region’s median rent, were up 2.9 percent in December 2018; one earlier, the annualized increase was 2.5 percent.

Among the nation’s 20 major metro areas, Phoenix had the highest year-over-year increase in single-family rents in December with 6.9 percent, with Las Vegas close behind at 6.8 percent. Houston experienced the lowest rent increases in December, of all analyzed metros at one percent, down from 2.7 percent in 2017.

“Single-family rents increased an average of 3 percent in 2018, exceeding the 2.7 percent average pace experienced in 2017,” said Molly Boesel, Principal Economist at CoreLogic. “The strengthening in rent prices reflects strong economic and labor markets. However, low-end rental increases outpaced high- end increases for the fifth consecutive year, suggesting continued supply constraints on the lower end.”

Link copied

Published

Feb 19, 2019

Industry News

Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Angel Oak Mortgage Solutions has joined the growing ranks of Non-QM lenders that are trimming staff. The company on Friday laid off 75 people, or about 20% of its staff, “due to the current economic environment that has challenged the entire mortgage market,” a company spok...

Analysis and Data

Appraisers Share Biggest Challenges In Recent NAR Survey

Lack of inventory, declining housing affordability cited most often.

The National Association of Realtors (NAR) released its annual Appraisal Survey this week, determining the level of impact appraisals on the current market in terms of cost, turnaround times, and other challenges. It also measures member experiences with bias and discriminat...