Orlando Takes Miami's Top Spot for SFR Rent Growth
Rising inventory affecting rents, according to CoreLogic.
Orlando has claimed the top spot for single-family rental growth, ending Miami’s 15-month streak at No. 1, according to a new report from CoreLogic.
Overall, for November, single-family rentals climbed 7.5% year over year, its lowest figure since May 2021.
This seventh consecutive drop in rental growth was driven by rising inventory, according to Molly Boesel, principal economist at CoreLogic, in a release.
Orlando posted the highest year-over-year increase in single-family rents in November at 13.4%.
Miami was second-best at 12.7% and Boston ranked third at 11.5%. Phoenix saw the lowest annual rent price gain at 2.4%.
Rental Growth to Continue to ‘Level Off’ in Early 2023
CoreLogic said it expects that rental price growth, along with home price appreciation, will continue to level off during the first part of 2023.
Meanwhile, growth for the high-flying Sunbelt markets Las Vegas and Phoenix have fallen significantly, according to its Single-Family Rent Index (SFRI).
SFRI studies four price groups for homes from low to middle to high and all four saw their price growth shrink with the lowest-priced homes performing worst.