High-End Single-Family Rental Prices Are Surging
High-End Single-Family Rental Prices Are Surging
Landlords continue to see prices rise for luxury single-family rentals as the pandemic-fueled recession impacts socioeconomic groups unevenly.
Overall, single-family rental growth ended 2020 strong, rising 3.8% in December 2020 compared to a year prior, according to CoreLogic’s Single-Family Rent Index, which measures rent changes in single-family rental homes, including condos.
Rent growth in the low-priced tier (properties with rent prices less than 75% of a region’s median) remains below yearly pre-pandemic levels. The pandemic has disproportionately affected low-wage workers. Rent prices for low-end tier properties were down 3.5% in December 2020 compared to December 2019.
On the other hand, higher-priced rentals (properties with rent prices greater than 125% of a region’s median rent) rose 2.4% year-over-year. Phoenix saw the highest year-over-year rent growth in December, an increase of 10.7% year over year, followed by Tucson, Ariz. (up 9.5%) and Charlotte, N.C. (7.1%). The metro area that posted the largest annual decline in rent prices was Boston, down 7.2%. But researchers note that likely was due to the area’s large number of colleges and students continuing to do virtual learning in their hometowns during the pandemic.
“As states begin managing the administration of vaccines as well as mitigating continuing unemployment concerns, rent prices will likely continue to experience mixed growth rates in metros across the nation,” CoreLogic notes.
Source:
©National Association of REALTORS®
Reprinted with permission
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