According to CoreLogic
, national rent growth in April continued to be fueled by low-end rentals, which increased 3.6 percent year-over-year, a slight decline from 3.8 percent increase of April 2018. High-end rentals increased 2.5 percent in April, a slight bit higher than the 2.4 percent increase from one year earlier. Among the nation’s 20 largest metro areas, Phoenix had the highest year-over-year increase in single-family rents at 6.9 percent, followed by Las Vegas and Tucson at 6.5 percent each. Miami experienced the lowest rent increases of all analyzed metros at 0.9 percent.
“Slowing price appreciation started to take hold of the home sales market a year ago – according to the CoreLogic Home Price Index–but that’s not the case for the single-family rental market, which has seen steady rent increases,” said Molly Boesel, principal economist at CoreLogic. “While the housing market is cooling, home prices remain high in some of the nation’s top metros. This may be contributing to the growing rental demand, as many potential buyers are being priced out of the market.”