Miami had the highest annual residential rent spike in the nation in October
Based on CoreLogic's latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas, shows a national rent increase of 10.9% year over year, up from a 3.2% year-over-year increase in October 2020.
Rent prices continued their strong upward movement into the fourth quarter of the year as vacancy rates remained near 25-year lows. Tight inventory in the for-sale market has also displaced many potential buyers and forced more demand into single-family rentals as their next best option.
"Single-family rent growth hit its sixth consecutive record high in October 2021, mirroring record price increases in the for-sale housing market," said Molly Boesel, principal economist at CoreLogic. "Rent growth in October 2020 had already recovered from pre-pandemic lows and rent growth this October was more than three times that of a year earlier."
Among the top 20 U.S. metros, Miami had the highest year-over-year increase in single-family rents in October 2021 at 29.7%, followed by Phoenix and Las Vegas at 19.3% and 16.5%, respectively. These major metros have continued to experience rapid growth as tourism returns and local labor markets improve. While Chicago logged the lowest annual rent price growth at 4.2% in October, this is still more than double its pre-pandemic growth rate.
To gain a detailed view of single-family rental prices, CoreLogic examines four tiers of rental prices. National single-family rent growth across the four tiers, and the year-over-year changes, were as follows: