If 2020 was indeed the year of leaving the city for more space in the suburbs and exurbs, it shouldn't be a surprise that single-family rent growth surged at the year.
In December, US single-family rent growth increased 3.8% year-over-year. That was an improvement over the 1.4% reported in June and 2.9% in December 2019, according to the CoreLogic Single-Family Rent Index (SFRI).
Rent growth was most substantial in higher-priced rentals, defined as properties with rent prices greater than 125% of a region's median rent. In that category, rents increased 4.3% in December 2020, up from the 2.4%-increase posted in December 2019.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
