Single-family home rental rate growth in metro Phoenix double national average

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Posted at 8:37 AM, Feb 25, 2022
and last updated 2022-02-25 19:25:19-05

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.

Read more of this story from the Business Journal.