Rent Increases Return to Pre-Covid Levels

Rent Increases Return to Pre-Covid Levels

Increases in single-family rents soared in the post-pandemic environment but have now moderated to the annual levels in the pre-pandemic years of 2010 to 2019. CoreLogic’s Single-Family Rent Index (SFRI) recorded an annual increase of 3.4 percent in May. Since the start of the pandemic, single-family median rents have increased by $470, or 30 percent. The company, however, does not see rents declining in the near term. “After increasing at an accelerated pace for more than two years, annual single-family rent growth returned to its pre-pandemic rate in May,” said Molly Boesel, principal economist for CoreLogic. “High inflation may be affecting renters’ abilities to absorb continually higher monthly payments, which could be keeping year-over-year rent increases relatively low. Ho