Another month, another record for US single-family rents, which jumped 14% year-over-year in April, marking the 13th period of record-breaking annual gains.
Supply shortages and a strong job market are driving prices up, according to CoreLogic, a provider of real estate data.
“We expect single-family rent growth to continue to increase at a rapid pace throughout 2022,” Molly Boesel, principal economist at CoreLogic, said in a statement.
Among large metro areas tracked by the company, Miami posted the biggest gain — almost 41%. That’s about seven times the growth rate of 5.6% back in April 2021 in the city. Meanwhile East Coast metros including New York City, Philadelphia, and Washington, D.C., posted some of the smallest increases.