According to CoreLogic’s August 2019 Single-Family Rent Index (SFRI), rents rose 3 percent year-over-year. For the ninth month in a row, the highest increase was in Phoenix, at 6.6 percent, followed by Las Vegas and Tucson, at 5.8 percent and 5.3 percent, respectively.
1. Phoenix-Mesa-Scottsdale, Ariz. – 6.6 percent
2. Las Vegas-Henderson-Paradise, Nev. – 5.8 percent
3. Tucson, Ariz. – 5.3 percent
4. Orlando-Kissimmee-Sanford, Fla. – 3.7 percent
5. Los Angeles-Long Beach-Glendale, Calif. – 3.6 percent
6. Seattle-Bellevue-Everett, Wash. – 3.5 percent
7. Charlotte-Concord-Gastonia, N.C.-S.C. – 3.5 percent
8. Atlanta-Sandy Springs-Roswell, Ga. – 3.4 percent
9. Boston, Mass. – 3.3 percent
10. Austin-Round Rock, Texas – 3.2 percent
“National rent increases have settled in around 3 percent over the past year, and the rate of increase for entry-level rentals has eased over the past six months,” says Molly Boesel, principal economist at CoreLogic. “However, home-buying affordability remains a top concern across generations and is keeping many consumers in the rental market. If this trend continues, we may see another uptick in rent price growth in the coming year, particularly in urban areas where we’re seeing increasing demand from millennials.”
For more information, please visit www.corelogic.com.
