The annual increase in rents for single-family homes nationwide continued at a similar pace in November to that of most of 2019.
The 3% year-over-year gain was also the same as November 2018 according to the latest CoreLogic Single-Family Rent Index which analyzes single-family rent price changes nationally and among 20 metropolitan areas.
The 67-month trend of low-rent properties driving rent growth remained, with properties with rent prices less than 75% of the regional median posting a 3.6% year-over-year increase in rent (slowing from the 3.8% pace of November 2018) while those with rent prices greater than 125% of a region’s median rent increasing 2.7% (the same as in November 2019).
Annual rent growth across the 20 metros analyzed was led once again by Phoenix (6.9%) followed by Tucson (5.7%) and Seattle (5.4%) Miami experienced the lowest rent increases out of all analyzed metros at 0.7%.
“Strong rent growth in the Southwest reflects strong population growth in this part of the U.S.,” said Molly Boesel, principal economist at CoreLogic. “Arizona ranked third for population growth in 2019 by both number and percentage increase, according to the U.S. Census Bureau. In contrast, Illinois and Hawaii both had a decrease in population in 2019, which could account for the slower rent growth in these regions.”
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