Rent growth rates for single-family homes doubled over the past year.
CoreLogic’s Single-Family Rent Index (SFRI) from April showed a “national rent increase of 5.3% year over year, up from a 2.4% year-over-year increase in April 2020.”
As the group summarizes:
While rent growth dipped significantly last April at the start of the pandemic, rising affordability issues and supply shortages in the for-sale housing market and ongoing demographic pressure from aging millennials have continued to place upward pressure on the single-family rental market — leading to the largest annual rent price increase in nearly 15 years in April 2021.
As demand for more space and outdoor amenities remains, detached rentals in particular are experiencing accelerated growth with a 7.9% year-over-year increase in April, compared to growth of 2.2% annually for attached rentals. This is reflected in a recent CoreLogic survey, which reported 49% of millennials and 64% of baby boomers strongly prefer to live in a single, stand-alone home.
“Single-family rent growth showed a