Single-family rents increased by 2.9 percent year-over-year in February, according to new data from CoreLogic. This is slightly higher than the 2.7 percent year-over-year- increase recorded in February 2018.
National rent growth was mostly fueled in February by low-end rentals in February, which saw a 3.7 percent year-over-year uptick during February; one year earlier, the annualized increase was 3.6 percent. High-end rentals recorded a 2.4 percent year-over-year increase in February, compared to 2.3 percent in February 2018.
Among the nation’s 20 largest metro areas, Phoenix had the highest year-over-year increase in single-family rents in February at eight percent, followed by Las Vegas at 7.1 percent and Tucson, Ariz., at 6.5 percent. Miami experienced the lowest rent increase among the major metro areas with a 1.2 percent rise.
“As with the for-sale market, supply of single-family rentals saw very low levels in February, putting upward pressure on the cost of both for-sale and for-rent homes,” said Molly Boesel, Principal Economist at CoreLogic. “Phoenix had rapid rent increases in February with only 1.9 months of single-family rentals available. On the other hand, Miami, which had the slowest rent increases, had 7.6 months of single-family rentals available.”