According to CoreLogic’s September 2019 Single-Family Rent Index (SFRI), rents rose 3 percent -year-over-year. For the 10th month in a row, the highest increase was in Phoenix, at 6.7 percent, followed by Las Vegas and Seattle, at 5.8 percent and 5.5 percent, respectively.
- Phoenix-Mesa-Scottsdale, Ariz. – 6.7 percent
- Las Vegas-Henderson-Paradise, Nev. – 5.8 percent
- Seattle-Bellevue-Everett, Wash. – 5.5 percent
- Tucson, Ariz. – 4.6 percent
- Charlotte-Concord-Gastonia, N.C.-S.C. – 4 percent
- Austin-Round Rock, Texas – 3.5 percent
- Orlando-Kissimmee-Sanford, Fla. – 3.4 percent
- Atlanta-Sandy Springs-Roswell, Ga. – 3.4 percent
- Boston, Mass. – 3.2 percent
- Los Angeles-Long Beach-Glendale, Calif. – 3.2 percent
“Low rental supply coupled with ongoing demand pushed up rents in September,” says Molly Boesel, principal economist at CoreLogic. “Vacancy rates have fallen moderately on the national level over the last quarter—with a 0.3 percent decrease in the third quarter of 2019 compared to a year earlier—and more significantly in select metro areas. Of the metros analyzed in the CoreLogic Single-Family Rent Index, Phoenix experienced the largest decrease in vacancy rates at 2.6 percent, which helped drive its rent growth to the top of the nation in September.”
For more information, please visit www.corelogic.com.
