National rents increased 4 percent since January; Vegas rents see most growth

Rents just keep rising

If you haven’t gotten out of the rent race yet, the latest data might have you considering it. According to the newly released Single-Family Rent Index, rents have jumped more than 4 percent in just 2018 alone.

Up, up and away

CoreLogic’s Single-Family Rent Index, which looks at rental price changes nationally and across 20 metros, found that rents increased 4.1 percent from January to June of this year. Over June 2017, they’ve jumped 3 percent.

On luxury rentals in particular, rents have risen 4.2 percent in 2018 and 2.8 percent over the last year. Low-end rentals, which have a rent 75 percent lower than the regional medium, have seen rents jump 3.4 percent since January and 3.9 percent over the year.

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Much of the growth is due to low rental home inventory, according to CoreLogic economist Molly Boesel.

“High demand and low supply of lower-priced single-family rental properties continue to push up rents for this segment of the rental market,” Boesel said. “With these market forces expected to stay in place in the near term, rents on lower-priced rental properties should continue to outpace those of higher-end rental properties.”

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Biggest rent increases by metro

At the market level, Las Vegas shows the highest year-over-year rent increase, with a 4.8 percent jump over the year.

Orlando and Phoenix also clocked in with big increases, at 4.7 percent and 4.6 percent, respectively.

For the first time in seven months, Honolulu saw rent prices increase as well — though their 1 percent jump pales in comparison to cities like Vegas and Orlando.

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