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Single-family rents cool in 2018


Single-family rental prices were cooling off earlier this year, CoreLogic reported, but lower-end properties saw rents rise more significantly than upper-end properties.

Low-end rental prices rose by 3.7 percent year-over-year in February, down from an annual gain of 4.5 percent in February 2017. Rents in higher-end properties — defined as properties with rents greater than 125 percent of a region’s median rent — had an annual gain on a national basis at 2.4 percent.

The aggregate rental increase for all properties was 2.8 percent, CoreLogic said. Rent price gains have generally slowed since February 2016, when they peaked on an aggregated national basis at 4.2 percent annually.

Among cities, Las Vegas (up 5.3 percent) saw the largest increase, followed by Orlando (4.8 percent increase) and Phoenix (up 4.4 percent). For the third month in a row, Honolulu was the only metro with decreasing rent prices, declining 50 basis points year over year in February, CoreLogic said.

"Single-family rents continued to increase in February, but the rate of increase slowed from a year ago, particularly for low-end rentals," said Molly Boesel, principal economist for CoreLogic. "The slowdown in growth may signal that rents are beginning to stabilize on the low end.”


 

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