NEW YORK – Property owners are charging more for their single-family rentals as demand soars and they’re still finding willing tenants. Single-family rental prices continue to rapidly increase with record growth, according to CoreLogic’s Single-Family Rent Index. In November 2021, single-family rent growth nationally rose 11.5% year-over-year.
Annual rent price growth has continued to double – and even triple – in the last several months in some markets, according to the index.
Miami-Miami Beach-Kendall posted the highest year-over-year increase in single-family rents in November 2021, where prices jumped 33% over the past year, followed by Phoenix-Mesa-Scottsdale (19.4%) and Las Vegas-Henderson-Paradise (16.7%).
In addition to Miami, Orlando-Kissimmee-Sanford ranked fifth in CoreLogic’s list for highest yearly rent increases, rising 15.9% in the November report. Overall, the range of rent increases in the top 20 metro areas ranged from Miami’s 33% to No. 20, the Washington, D.C., metro area’s 5.4%.
“Improvements in the economy and job market have helped push single-family rent growth to record levels,” says Molly Boesel, principal economist at CoreLogic. “However, rapid increases in single-family rents, especially for lower-priced properties, have led to a continued erosion of affordability.”
Rent growth also may lead to heightened concerns about inflation since it’s reflected in inflation measures, CoreLogic notes.
👉 The Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ serves all of Lee County and Collier County, including the Gulf Coast Islands here in Southwest Florida where we have 7 of 10 hot market projections for 2022. We Directly Help / Serve Sellers and We Directly Help / Serve Buyers; sometimes helping both in the same transacton.
Recently as Listing Agents, Barry & Kim with the Hoey Team; 239RealEstateDeals.Com LLC ☘ helped a number of sellers who had been in Foreberance and in similar situations; we were able to get all of them to a "good place"; worry free & stress free; with excellent end results for them. Also, Kim is a certified stager which helps us additionally on all of our listings.
We help people in many different situations; everybody's situation is different; if you know someone needing help; or simply wants advice, please have them reach out to us in confidence: 239-360-5527; anytime; we continue to achieve and set record setting sales prices in the communities where we list and sell ☘
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As people continue to move in great numbers and relocate to the general areas of Lee & Collier Counties from other parts of the United States, it is important that we are able to serve all of the area; which we do efficently, with the ability offer many different Choices and Lifestyles all of which are in abundance here in SW FLA 🌴 239RealEstateDeals.Com LLC had blanket coverage of Southwest Florida and most of Florida for that matter by being active members of four different MLS systems.
Inventory remains low overall as homes sell quickly; we do continue to list and market new South Florida property listings to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Regular Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to waterfront high rise right on the beach.
We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds. Previously we had Snowbirds; interesting how terminology keeps changing / evolving.
Lower interest rates (even with recent small fluctuations) are also a contributing factor to the increased sales; oftentimes well over asking price. Low inventory is still the greatest chalenge for buyers who are not prepared; but if prepared you are ahead of the game; ask how we can help with all of that.
We recently got a number amazing deals for buyers; even in this Hot Sellers Market; and we are working on others; so there are deals out there; if you work with us, we will find them for you.
For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.
At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm thankful that we already had systems in place to better help sellers and buyer with goal posts continually moving within our industry.
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