from CoreLogic
The Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas, for February 2021 shows a national rent increase of 3.9% year over year, up from a 3% year-over-year increase in February 2020.
As families continue to seek out more space and face housing affordability concerns, high demand and low rental supply inventory have led to rising rental prices across almost every price tier. After growing about 3% annually since mid-2018, rent growth slowed in the spring of 2020 but bounced back in three of the four tiers to exceed the pre-pandemic growth rate beginning in October 2020. However, rent price growth of the low-price tier continues to lag behind that of high-priced rentals, reflecting the uneven U.S. job recovery, sometimes called a K-shaped recovery, seen throughout the country. Rent growth in the low-price tier remains below pre-pandemic levels as the recession continues to disproportionately
Bird Song of the Day
From a park in Asunción, Paraguay.
#COVID19
At reader request, I’ve added this daily chart from 91-DIVOC. The data is the Johns Hopkins CSSE data. Here is the site.
I feel I’m engaging in a macabre form of tape-watching.
Alert reader RockHard says the spike in the Northeast is from Pennsylvania. And so it is. Here is the data for the Northeast:
If the Pennsylvania data is good, we need to do whatever they’re doing. But I don’t think it is good. From the Daily Item: “Pennsylvania state officials say more than 7 million doses of a COVID-19 vaccine have been administered and a quarter of the state’s population is fully vaccinated after another 84,000 shots were given on Saturday.” The Daily Item again: “The state is receiving nearly 680,000 doses of the Pfizer-BioNTech and Moderna vaccines on Monday.” But are those vaccines, as we horridly say, “in arms”? Vaccinations cannot have increased by more than an order of magnitude sudden
Inman Connect
Rent prices are significantly higher than they were at the same time last year, rising by a nationwide 3.8 percent in January.
According to the latest Single-Family Rent Index report from CoreLogic released on Tuesday, rent price growth remained stable from December to January. That said, the number is still much higher than it was in January 2020 pre-pandemic, when only a 2.9 percent increase was observed.
CoreLogic
This type of growth indicates that the pandemic did little to curb demand for rental housing and the accompanying increase in prices. Such high growth has not been seen since June 2016. Unexpectedly, growth of lower-end homes worth less than 75 percent of an area’s median price dropped from 3.7 percent in 2020 to 2.9 percent now, but all other types of homes saw large increases. Homes worth more than 125 percent of an area’s median saw the highest jump from 2.5 percent in 2020 to 4.2 percent now.
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from CoreLogic
The Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. December 2020 data shows a national rent increase of 3.8 % year over year, up from a 2.9 % year-over-year increase in December 2019. Annual rent growth slowed in the early months of the pandemic but then steadily picked up in the latter half of the year, reaching pre-pandemic growth rates by October.
2020 was a noteworthy year for the single-family rental market. Renters sought more space and detached properties to weather the pandemic, which kept rent prices of single-family properties on the rise and multifamily rents tumbling. While single-family rents increased on average, some areas of the country experienced lower growth and even drops in rents.