NEWS: Residential Rent Growth Extends Record-Breaking Streak in 2022

On the latest studies, The Single-Family rent index shows that the pricing has hit another historical high. 

"Single-family rents rose at more than three times the rate from a year earlier and more than four times the pre-pandemic rate," said Molly Boesel, principal economist at CoreLogic. "Strong employment and low supply have pushed single-family rental vacancy rates to low levels and have contributed to the high growth in rents."

As expected, some areas such as Miami account for the highest numbers. Nonetheless, it is an overall high all across the country.

Among the 20 metro areas, Miami again had the highest year-over-year increase in single-family rents in February 2022 at 39.5%, another sizable gain from its February 2021 growth rate of 3%. Orlando and Phoenix logged the second- and third-highest gains at 22.2% and 18.9% respectively, reflecting an influx of Americans migrating to Sun Belt states. Meanwhile, the Washington, D.C. area and St. Louis recorded the lowest annual rent price growth, both at 6.5% in February.

On a latest article shared by The World Property Journal, the National single-family rent growth across the four tiers, and the year-over-year changes, were as follows:

• Lower-priced (75% or less than the regional median): 12.7%, up from 3% in February 2021
• Lower-middle priced (75% to 100% of the regional median): 13.8%, up from 3.2% in February 2021
• Higher-middle priced (100% to 125% of the regional median): 13.9%, up from 3.6% in February 2021
• Higher-priced (125% or more than the regional median): 12.8%, up from 4.6% in February 2021