By KIMBERLEY HAAS As prices for rental housing continue to climb in many parts of the country, bidding wars are becoming more common. According to a report released last week by Joel Berner and Danielle Hale for Realtor.com, rent has reached another high in the company’s data history, averaging $1,827 in the 50 largest US metropolitan areas. Rental increases are most pronounced in Sun Belt metros, Berner and Hale wrote. That is because as more people have the opportunity to work remotely they are choosing warmer climates to live in. Three Florida metros are particularly affected. They include Miami, where rent was up 51.6% from April 2021; Orlando, 32.9%; and Tampa, 27.8%. Overall median rent in the Miami, Fort Lauderdale,…
Home prices rose year-over-year (YOY) by 18.5% across the nation in December 2021, and by 1.3% from November, CoreLogic’s latest Home Price Index reported. Home price growth averaged 15% for 2021, which saw one of the hottest housing markets in decades. Q1 2021 started off with 10% appreciation but continued to grow, reaching 18% in Q4. By comparison, price appreciation for the full year of 2020 averaged only 6%. The states with the highest increases YOY were Arizona (28.4%), Florida (27.1%), and Utah (25.2%). The cities with the biggest gains were Phoenix (30.2%), Las Vegas (24.4%), and San Diego (22.4%). CoreLogic predicts that home prices will remain flat this month and rise by only 3.5% by next December. Comparing annual…
Strong demand and the labor market are fueling single-family rent price increases which remain at record highs. September data from CoreLogic’s Single-Family Rent Index shows rents increased 10.2% year-over-year (YOY), compared to a 2.6% YOY increase in September 2020. Rents increased across all four tiers of rental prices used by CoreLogic. Lower-priced rentals (less than 75% of the regional median) saw an increase of 8.3% YOY, while rents in the lower-middle price range (75%-100% of the regional median) rose 9.3% YOY, both more than doubling their growth from the same time in 2020. Rents for higher-priced properties broke 10%, with higher-middle priced (100%-125%) rents climbing 10.5%, compared to 2.4% in September 2020. Higher-priced rentals (125% or more of the regional…
