According to the CoreLogic February 2020 Single-Family Rent Index (SFRI), rents rose 3.3 percent year-over-year. This was the highest annual gain since August 2016; however, the COVID-19 pandemic may impact momentum.
The highest increase was in Phoenix, at 6.2 percent, followed by Seattle and St. Louis, at 6.1 percent and 5.4 percent, respectively.
1. Phoenix-Mesa-Scottsdale, Ariz. – 6.2 percent
2. Seattle-Bellevue-Everett, Wash. – 6.1 percent
3. St. Louis, Mo.-Ill. – 5.4 percent
4. Boston, Mass. – 4.9 percent
5. Las Vegas-Henderson-Paradise, Nev. – 4.4 percent
6. Tucson, Ariz. – 4.0 percent
7. Austin-Round Rock, Texas – 3.7 percent
8. Charlotte-Concord-Gastonia, N.C.-S.C. – 3.5 percent
9. Los Angeles-Long Beach-Glendale, Calif. – 3.0 percent
10. Orlando-Kissimmee-Sanford, Fla. – 2.9 percent
“Single-family rents were on the rise early this year, prior to the COVID-19 outbreak across the country,” said Molly Boesel, principal economist at CoreLogic. “In the coming months, the virus’ impact on the rental market will become more apparent. Uncertainties surrounding job security and shelter-in-place mandates could lessen rental demand in the near term. However, as we look ahead to an economic recovery, consumers may begin considering single-family rentals over multi-family options to provide more space for at-home offices and distance from other housing units.”
For more information, please visit www.corelogic.com.