Renters Beware - Landlords Charging More for Low-End Single-Family Rentals

Dated: 06/10/2019

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Rents for single-family homes jumped 2.9% year over year in March, according to the CoreLogic Single-Family Rental Index. The index measures rent changes among single-family rental homes, including condos.

Rents for lower-priced homes are increasing at a faster clip than those of higher-priced homes. Low-end rentals are defined as properties with rents 75% or less than the region’s median rents.Rents on lower-priced homes rose 3.5% year over year, while rents for higher-priced homes (properties with rents more than 125% of the regional median rent) rose 2.4% year over year, the study showed.

Phoenix is seeing the largest annual rent increase out of the 20 metro areas analyzed. Single-family rents in Phoenix grew by 7.4% in March year-over-year, followed by Las Vegas (6.9%) and Tucson, Ariz. (6.3%). Houston and Miami, on the other hand, saw the largest decreases in single-family rental growth.

Single-family rentals have climbed steadily since 2010, CoreLogic notes. Annual rent increases have shown some signs of stabilizing between 2.7% to 3.1% over the last year, researchers note.

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Roxane Pittman

Listening to you, and understanding your needs and wants is my top priority. I am committed to serving your residential real estate needs with the end goal being, you in a home you can be truly happy ....

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