Rents for single family homes increased 1.7 percent in May, down2.9 percent since May 2019, according to a recent report byCoreLogic.
The dip in the year-over-year difference was the lowest sinceJuly 2010. Molly Boesel, principal economist at CoreLogic, saidareas dependent on tourism were hardest hit. Honolulu, which reliesheavily on its tourism market, had its single family home rentsdecline .4 percent. Phoenix had an increase in rent at 6percent.
"Single-family rent growth slowed abruptly in May as the nationfelt the full impact of the economic crisis caused by thepandemic," Boesel said.
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