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US Single-Family Rent Growth Posts Significant Drop

Prior to the pandemic, the national rental price growth had been a stable 3%.

Rents for single family homes increased 1.7 percent in May, down 2.9 percent since May 2019, according to a recent report by CoreLogic.

The dip in the year-over-year difference was the lowest since July 2010. Molly Boesel, principal economist at CoreLogic, said areas dependent on tourism were hardest hit. Honolulu, which relies heavily on its tourism market, had its single family home rents decline .4 percent. Phoenix had an increase in rent at 6 percent.

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Pearl Wu

Pearl Wu

Pearl Wu is the editorial Recognition Desk Manager at ALM Media and oversees the administrative aspects of U.S. Legal awards. Please find our upcoming deadlines here.

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