Metro Phoenix Again Tops Nation in Single-Family Home Rent Growth

By Angela Gonzales | Phoenix Business Journal

U.S. rent price growth has stabilized for the first time since the pandemic, according to a new CoreLogic Inc. report on single-family home rentals.

Among the 20 metro areas CoreLogic tracks in its Single-Family Rent Index, metro Phoenix had the highest year-over-year increase in single-family rents in July for the 20th consecutive month, but even the hot Valley market finally showed signs of cooling.

In metro Phoenix, July 2020 rent increases of 4.7% are down from a 7.1% year-over-year increase recorded in July 2019 and down from its average growth rate of 6.5% in the first quarter of 2020.

“Even though rent increases in Phoenix slowed sharply in July, growth remained the highest of the metros and more than 2.5 times that of the national index,” CoreLogic economist Molly Boesel said. “The relatively strong rent increases in Phoenix compared with other areas was a result of relatively strong employment numbers, which worked to keep demand for rentals high.”

Tucson had the second-highest rent price growth percentage nationwide in July with a year-over-year gain of 4.1%, followed by Charlotte, North Carolina, at 3.4%.

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