Anyone out shopping for an entry-level home knows the prices are high and the pickings are slim. Now, the same is holding true for rentals. As more Americans find it harder to afford a home, rental demand is soaring, especially for single-family homes.
The supply of rental homes is shrinking, and that continues to push rent prices higher, particularly on the lower end of the market. Those less expensive rentals, going for less than 75% of the median regional rent, jumped nearly 4% annually in September, according to CoreLogic. High-end rentals, or those with prices greater than 125% of the region’s median rent, increased just 2.9% annually.
“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.
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