Real Estate

Coronavirus pandemic cuts rent growth to a decade low

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A house for rent in Corona Del Mar, California.

Scott Mlyn | CNBC

 Back in February, just before the coronavirus hit the U.S. economy with a vengeance, rent growth for single-family homes had hit its highest pace in four years. Barely three months later, that growth plummeted to a decade low.

Single-family rents grew just 1.7% annually in May on a national level, according to CoreLogic. That’s the slowest growth rate in nearly a decade and a little more than half the growth these 12 million rental homes were seeing the year before. Single-family rentals make up 35% of all rental housing in the U.S., and these homes are valued at more than $2.3 trillion.

“Single-family rent growth slowed…



Source cnbc.com

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