The cost of rent continued its meteoric rise in April, marking the 13th month in a row of record-setting increases for single-family units.
Nationally, single-family rent jumped 14% year over year in April, according to a report released Tuesday by the real estate data firm CoreLogic. Rent in several major metropolitan areas, particularly Sun Belt cities, rose much higher than that — with no signs of slowing down.
“Single-family rents continue to increase at record-level rates,” Molly Boesel, principal economist at CoreLogic, said in the release. “We expect single-family rent growth to continue to increase at a rapid pace throughout 2022.”
CoreLogic’s report breaks down the rental increases in 20 large metro areas. Of those cities, Miami by far tops the list, posting a nearly 41% jump for the year ending in April.