The June single-family rent increase of 7.5% was the highest year-over-year hike since at least January 2005, according to the CoreLogic Single Family Rent Index.
The increase was also five-times that of the hike a year earlier. Rent growth is running well above pre-pandemic levels when compared with 2019, the index showed.
CoreLogic said the rapid increase was propelled by the preference of people for detached rentals, up 10.5% versus 4.6% for attached units. Detached properties are overwhelmingly preferred by would-be homebuyers who have been either priced out of the market or unable to find a home in today's supply-constrained market.
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