Single-family rent extends record-breaking price growth streak

Read more: Apartment, condo demand thwarts rising costs and supply issues

All major metro areas covered in CoreLogic’s report posted year-over-year gains, with Miami leading the list at 38.6% – a significant rise from its January 2021 growth rate of 2.2%. Orlando and Phoenix followed at 19.9% and 18.9%, respectively. Meanwhile, the Washington, D.C. area registered the lowest annual rent price growth, at 5.6% in January.

Across the four price tiers, rent of lower-priced single-family homes rose nine basis points to 12% in January, and lower-middle priced rentals jumped from 3.2% to 13.3%. Higher-middle rental prices were up from 3.6% to 13.4%, and higher-priced rentals increased from 4.5% to 12.2% in January.

By property type, rent growth for attached rentals increased 12.2% year over year, compared to the 12.4% gain recorded for detached homes. According to CoreLogic, this is the closest that attached and detached growth rates have been since March 2020.