Single-family rent prices were up nationwide by 2.9 percent year-over-year in March, according to data from CoreLogic. This is slightly higher than the 2.7 percent year-over-year increase recorded in March 2018.
National rent growth was fueled by low-end rentals, which saw a 3.5 percent year-over-year rise. High-end rentals only saw a 2.4 percent uptick. Among the nation’s 20 largest metro areas, Phoenix had the highest year-over-year increase in single-family rents at 7.4 percent, followed by Las Vegas at 6.9 percent and Tucson, Ariz., at 6.3 percent, with Miami experiencing the lowest year-over-year rent increase at 0.4 percent, its lowest year-over-year rent growth since December 2017.
“Single-family rents strengthened in the first quarter of 2019 compared with the same period a year ago,” said Molly Boesel, principal economist at CoreLogic. “The lowest unemployment rate in 50 years, combined with strong housing demand, have contributed to increasing rents across the country.”