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U.S. Single-Family Rental Price Increases Topped 10% in September

U.S. single-family home rental prices increased 10.2% in September, according to data compiled by CoreLogic.

U.S. Single-Family Rental Price Increases Topped 10% in September
A "For Rent" sign sits in the front yard of a home in U.S. (Photographer: Ty Wright/Bloomberg)

U.S. single-family home rental prices increased 10.2% in September, according to data compiled by CoreLogic Inc., reaching a new record after a summer of accelerating pace.

Vacancy rates near 25-year lows are driving rent growth across the market, with higher-priced homes seeing the biggest gains, according to CoreLogic, which tracks changes nationally.

“Rent growth should continue to be robust in the near term, especially as the labor market improves and the demand for larger homes continues,” said Molly Boesel, an economist at CoreLogic.

U.S. Single-Family Rental Price Increases Topped 10% in September

Miami saw the biggest increase among metropolitan areas, at 25.7%, followed by Phoenix and Las Vegas, with gains of 19.8% and 15.9%, respectively. 

Chicago and metros in the Northeast had the slowest growth. Chicago came in at 2.8%, while rents in Boston and Philadelphia rose 4% and 4.3%, respectively. They’re all below inflation.

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