Delivered to over 70,000+ industry professionals each day, the Daily Newsletter is the definitive summary of the most relevant mortgage and real estate news and data of the day. View our latest newsletter below. View our latest newsletters below, or use the date selector to view our previous newsletters. Single-family rents have risen in the post-pandemic environment but are now moderate to annual levels in pre-pandemic years from 2010 to 2019. CoreLogic’s Single-Family Rent Index (SFRI) posted a 3.4 percent annual increase in May. Since the start of the pandemic, average single-family rents have increased by $470, or 30 percent. However, the company does not expect rents to drop in the near term. “After increasing at an accelerated pace for more than two years, annual growth in single-family rents returned to its pre-pandemic rate in May,” said Molly Bussell, chief economist at CoreLogic. High inflation may affect tenants’ ability to absorb ever-increasing monthly payments, which can keep annual rent increases relatively low. However, even in the current economic environment, monthly single-family rent increases returned to a typical seasonal pattern in February of this year, indicating that single-family rents are poised to continue increasing throughout 2023.” The Chicago area had the highest annual increase among the largest 20 markets up 6.6%.The median monthly rent in this metro is currently $2,327.Charlotte, North Carolina had the second largest annual gain, up 5.9%, followed by Boston and New York, down 5.7% each.Of 20 stations Metro Shown in Table 1, Chicago had the highest annual increase in single-family rents in May 2023, at 6.6%.Charlotte, North Carolina took second place with annual gains of 5.9%, followed by Boston and New York (both at 5.7%).
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