Rents for single family homes increased 1.7 percent in May, down 2.9 percent since May 2019, according to a recent report by CoreLogic.
The dip in the year-over-year difference was the lowest since July 2010. Molly Boesel, principal economist at CoreLogic, said areas dependent on tourism were hardest hit. Honolulu, which relies heavily on its tourism market, had its single family home rents decline .4 percent. Phoenix had an increase in rent at 6 percent.
"Single-family rent growth slowed abruptly in May as the nation felt the full impact of the economic crisis caused by the pandemic," Boesel said.
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