U.S. single-family rents increased 2.8% year over year in December 2017, according to the CoreLogic Single Family Rental Index (SFRI). While single-family rents have steadily climbed between 2010 and 2017, December rent growth marks a 1.4% decline since the growth rate high of 4.2% reached in February 2016. CoreLogic reports:
San Diego had the highest year-over-year rent growth in December with an increase of 5.7 percent. Only one of the metro areas showed a decrease in the rent index, with Honolulu, Hawaii posting a decline of 2 percent…Impacted by Hurricane Harvey, the year-over-year rent index decrease in Houston stopped in October 2017 after 17 months of declines. Houston year-over-year rent growth in December 2017 was 2.8 percent, up 4.6 percentage points from December 2016.
CoreLogic also found that metro areas with limited new construction and strong local economies have lower rental vacancy rates and stronger rent growth. According to the analysis, Seattle had a 3.4% rental vacancy rate and 4.3% rent growth, spurred by strong employment growth.
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