The national average single-family rent price increased 2.9 percent in June, slightly lower than the three percent increase of June 2018, according to new data from CoreLogic. This marked the first deceleration in annual national rent prices since November 2017.
Low-end rentals fueled much of the national rent increases, with a 3.6 percent year-over-year growth in June. This was down from a gain of 3.8 percent in June 2018. High-end rentals saw a 2.7 percent gain in June, unchanged from the previous year. Among the nation’s 20 largest metro markets, Phoenix had the highest year-over-year increase in single-family rents in June with a 7.1 percent spike, followed by Tucson at 6.8 percent and Las Vegas at 5.8 percent. Miami had the lowest rent increase with 1.1 percent.
“Increases in single-family rent across the country are fueled by increases in the number of renter households,” said Molly Boesel, principal economist at CoreLogic. “While the number of households grew overall in the United States through June, the growth was higher for renter households than for owner households, helping buoy demand for single-family rentals.”