Rent for single-family homes across 20 of the country’s largest metropolitan areas has grown steadily between 2010 and 2018, according to CoreLogic.

Even as rent continue to increase across the country, one demographic can breath a sigh of relief: single-family rent has grown at the same rate as one year earlier, according to CoreLogic’s Single-Family Rent Index, released Tuesday.

Rent for single-family homes across 20 of the country’s largest metropolitan areas has grown steadily between 2010 and 2018 — the average cost of renting a 2-bedroom apartment was, in May of this year, $1,174. Rent increase has stayed at 2.7 percent since March 2017, according to the analytics provider.

“The National Single-Family Rent Index continues to grow at a rate of 2.7 percent year-over-year,” said CoreLogic Principal Economist Molly Boesel in a prepared statement issued Tuesday. “Most metropolitan areas are seeing steady rent increases both month-over-month and year-over-year, with southern metros showing the fastest growth.”

Median rent overall reached a peak at $1,001 on average in 2016, when the average rent rose 4.2 percent from 2015, according to the CoreLogic index.

Still, some pockets of the country are seeing growth more rapidly than others. Rent rates increased the fastest in Las Vegas (5.5 percent), Phoenix (5.4 percent) and Orlando (5.2 percent). While Chicago had the lowest overall rent growth (0.6 percent), Honolulu was the only metropolitan area in which rents decreased by 0.4 percent.

CoreLogic

Low construction, strong local economies and low rental vacancies all contributed to an increase in the cost of rent, according to the CoreLogic report.

Email Veronika Bondarenko

Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×