Continuously strengthening in-migration patterns across the Sun Belt are raising affordability concerns in the market, which has seen explosive population and rent growth since the onset of the COVID-19 pandemic.
Average rents ticked up 16.8% across all property sizes in the region year-over-year in January, according to a Chandan Economics analysis of properties managed by independent landlords and using data from RentRedi. Meanwhile, rents have increased just 5.1% on average in other regions of the US.
And within that data, single-family rentals continue to dominate. Average rent charges for single-family rentals clocked in at $1,400 in January 2022, up from $1,200 the year prior
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