When it comes to home rental costs, the metropolitan area known as Dallas-Plano-Irving is outpacing the national rate.
In November, this defined area had a 14.8 percent year-over-year increase in home rental costs, higher than the 11.5 percent the rest of the country is experiencing, according to CoreLogic’s latest Single-Family Rent Index.
Last year’s national YOY increase was 3.8 percent, so the rate has nearly tripled.
That’s rough, especially for homebuyers who have become priced out of the housing market and are looking into renting.
“Annual rent price growth has continued to double and even triple in the last several months,” CoreLogic analysts said in the report.
Improvements in the economy and job market have helped push single-family rent growth to record levels, Molly Boesel, principal economist at CoreLogic, said in the new report.
“However, rapid increases in single-family rents, especially for lower-priced properties, have led to a continued erosion of affordability,” Boesel said.
It could be worse.
The Miami-Miami Beach-Kendall market in Florida saw a 33 percent increase. Austin-Round Rock had a 15.9 percent increase. Houston-The Woodlands-Sugar Land was up 10 percent.
The next CoreLogic Single-Family Rent Index will be released on Feb. 15, featuring data for December 2021. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog.
