Source: World Property Journal —
Based on CoreLogic’s latest Single-Family Rent Index, U.S. single-family annual rent growth remained at a record high in May 2022, posting a 13.9% increase from May 2021. This growth matched April’s increase, representing the first time that price growth did not accelerate from the previous month since January 2021. Sustained high rent prices are partially due to a robust labor market, with the national unemployment rate at 3.6% in May, down by 2.2 percentage points on an annual basis and the lowest recorded since before the start of the (coronavirus) COVID-19 pandemic.
Additionally, since rising interest rates are sidelining more prospective homebuyers, landlords have a larger pool of potential tenants and thus more leverage to raise prices. The year-over-year U.S. single-family rent price growth was more than twice the May 2021 increase and more than eight times higher than the May 2020 growth.
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