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Single-Family Home Rental Prices on the Rise

Supply and demand. When it comes to affordable single-family house rentals, this basic financial principle has never been more imposing for prospective renters.

The supply of rental homes is shrinking and the demand is greater, pushing rent prices higher, particularly on the lower end of the market.

Prices for less expensive rentals rose nearly 4% annually in September, according to CoreLogic. High-end rentals increased 2.9%.

“Low rental supply coupled with ongoing demand pushed up rents in September,” said Molly Boesel, principal economist at CoreLogic. “Vacancy rates have fallen moderately on the national level over the last quarter – with a 0.3% decrease in the third quarter of 2019 compared to a year earlier – and more significantly in select metro areas.”

Phoenix saw the biggest drop in vacancy rates, thus increasing rent growth to 6.7% annually. Las Vegas wasn’t far behind at 5.8% annual rent growth, and Seattle rounded out the top three at 5.5% growth. Miami saw the lowest rent increase at just 1% annually.

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