Single-family rents grew 9.3% in August as strong job and income growth, as well as fierce competition for for-sale housing, fueled demand for single-family rentals. It was the biggest year-over-year increase in more than 16 years, according to the CoreLogic Single-Family Rent Index.

High priced rentals climbed the most,10.5%, with low price rentals up 2.4%. Detached rentals, favored by would-be homebuyers either priced out of the sales market, soared 11.7%— nearly double that of the 6.4% for attached units.

Geographically, Miami, with an increase of 21.4%, stood out with the highest year-over-year rent growth of 20 large metro areas, pushing Phoenix (+19.2%) down to the second spot for the first time in almost three years. Chicago had the lowest increase at 1.4%, and Boston (+1.5%) posted positive rent growth for the first time since May 2020.