According to the report, the low supply of homes for sale in the market has displaced many potential buyers, making single-family rentals their next best option.
All four tiers of rental prices posted increases in October. Lower-priced rent prices jumped from 2.8% to 9.5% month over month, and lower-middle priced rentals were up 2.8% to 10.1%. On the other end of the spectrum, higher-middle-priced rent prices rose to 11.3%, and higher-priced rents climbed to 11.4%.
Among the 20 metros analyzed in CoreLogic’s report, Miami had the highest annual gain in single-family rents in October at 29.7%, followed by Phoenix at 19.3%, and Las Vegas at 16.5%. Meanwhile, Chicago saw the lowest year-over-year rent price growth at 4.2%.