CoreLogic’s Single-family Rent Report showed that rent prices hit a tenth consecutive month of record high growth in January. Year over year, rents increased 12.6%, up from the 12% annual growth reported in December. By comparison, rents were up just 3.9% annually in January 2021.
Miami led the way with rental prices up 38.6%, followed by Orlando at 19.9%. Washington, D.C. had the lowest increase at 5.6%.
Note that this report measures both new and renewal rents for both single-family homes and condos, putting it lower than recent data from Apartment List. Their rent report, which looks primarily at new rents, showed nearly 18% annual growth in February. To put this in context, annual rent growth averaged just 2.3% in the pre-pandemic years from 2017-2019.