Year-over-year national rent prices increased 10.2% for the month of September after only a 2.6% rise in September 2020, CNBC reports. Demand for single-family rentals is particularly strong with rising prices in the for-sale housing market as well as improved job growth in the third quarter of 2021.
Competition in the buying market is pushing more potential buyers into the rental market, where they are forced to compete with existing renters for limited supply. Rental markets in major cities like Miami and Las Vegas are seeing the largest year-over-year gains with the highest median rents in the country, especially as tourism surges with fewer pandemic restrictions.
Rents for single-family homes increased 10.2% nationally in September year over year, up from a 2.6% rise in September of last year, according to a new report from CoreLogic.
Improved job growth and sky-high prices in the for-sale housing market added to already strong demand for single-family rentals fueled by the coronavirus pandemic.
While 93% of consumers said they believe owning a home is a good investment, according to a separate CoreLogic report, competition in the buying market is forcing more potential buyers to remain renters.
The single-family market is particularly hot right now, as people want more space and as the huge millennial generation ages into marriage and parenthood.
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