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In January, single-family rent rose fastest since 2016: CoreLogic

Mar 19, 2019 (0) comment

Rent grew by 3.2% year-over-year to an average or $1,420

Inman – The cost of renting a single-family home has grown at its fastest pace since 2016, according to new CoreLogic data released Tuesday.

Nationwide, monthly rent for a single-family home grew by 3.2 percent to an average of $1,420 in January, up from one year ago when rent had grown by only 2.7 percent. After peaking at 4.2 percent growth in February 2016, rent prices have stabilized somewhat over the past three years.

“Rent prices for single-family homes increased 3.2 percent in January, which was the fastest increase in more than two years,” said Molly Boesel, principal economist at CoreLogic, in a prepared statement. “Demand for single-family rentals has remained brisk, and while employment growth has played a role in rental demand, demographics have as well.”

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