According to the latest CoreLogic Single-Family Rent Index (SFRI), U.S. single-family home rental costs posted an 11.4% year-over-year increase in August, marking the 4th straight month of annual deceleration. However, they do point out rental costs remained elevated, with annual growth running at about 5x the rate in August 2020. In addition they say a shortage of available rental units continues to fuel price growth.
“Single-family rent prices in August were 26% higher than before the onset of the pandemic, adding an average of $400 per month to tenants’ monthly costs and compounding other household expenses caused by inflation…While annual rent growth is projected to continue increasing throughout the rest of 2022, those gains will likely moderate further in 2023.” said Molly Boesel, principal economist at CoreLogic.
Click here to read the full report at CoreLogic.