Economy

Single-family rent sets record, led by homes in Florida and Arizona

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A house for rent in Corona Del Mar, California.

Scott Mlyn | CNBC

Demand for single-family rental homes is soaring, pushing prices to record highs, as Americans continue to want larger homes with outdoor spaces.

Single-family rents gained a record 12.6% year over year in January, according to a new report from CoreLogic. That compares to an increase of 3.9% in January 2021.

Every major market saw increases, but cities in the Sun Belt saw truly stunning numbers.

For example, single-family rents soared 38.6% in Miami, up from just 2% the previous January. Orlando, Fla., and Phoenix were next in line, with gains of 19.9% and 18.9%, respectively, as Americans continued their migration to warmer…



Source cnbc.com

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