Single-family home rent prices experienced extensive growth during 2021 nationwide, increasing an average of 7.8% compared to 2.6% in 2020, according to CoreLogic's latest Single-Family Rent Index.
In metro Phoenix, single-family rents rose 18.9% year over year in December 2021, up from 11.1% in December 2020.
"Strong employment growth and a fast-growing population has added to the demand for single-family rental homes," said Molly Boesel, CoreLogic economist.
A separate report by Colliers International found that monthly rents at a single-family rental home were $2,241 at the end of 2021, up from $1,887 in 2020.
In the Valley, homebuyer demand is causing a downward spiral of the average number of single-family rentals, said Thomas Brophy, research director for Colliers International.
The average number of single-family rentals decreased 12% year over year to 1,629 units as homebuyer demand outpaced rentals, he said.
