Single-Family Rent Prices Increase 1.7% in July, First Upward Movement Since Start of Pandemic

CoreLogic, the Irvine, California based corporation providing financial, property, and consumer information, analytics, and business intelligence has released their latest Single-Family Rent Index (SFRI) for July. The SFRI analyzes single-family rent price changes nationally across more than 80 metropolitan areas. The July 2020 data showed a national year-over-year rent increase measuring 1.7%, That’s down from July 2019’s 2.9% YOY increase, and it represents the first stabilization in rent price growth since COVID-19 began impacting the nation earlier this year. Molly Boesel, Principal Economist at CoreLogic said in prepared remarks that “Increases in single-family rent prices slowed dramatically this spring as the nation began to face the economic impact of the pandemic. As job losses slowed in July, rent growth steadied. However, increases in rents should remain sluggish until the economy starts to experience employment gains.”