Employment Gains Push Rents Up

Driven by employment growth, the cost of a single-family rental rose 2.9 percent year-over-year, according to the April CoreLogic Single-Family Rent Index (SFRI). Rents have risen for the past eight years, but have been decelerating since February 2016, when they peaked at 4.2 percent. The average monthly is now 2.7 percent.

“Rent prices increased significantly across the country in April, with the Southwest region showing the highest growth rates,” says Molly Boesel, principal economist at CoreLogic. “National employment growth has remained steady in 2018, which could be a driver of continued rent increases.”

In April, Las Vegas had the highest increase in single-family rents year-over-year, at 5.9 percent, followed by Phoenix (5.5 percent) and Orlando (5.3 percent). For the sixth straight month, Honolulu was the only market with decreasing rent prices, declining 0.3 percent year-over-year.

For more information, please visit www.corelogic.com.

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