As rent prices continue to rise, some parts of the country — the Southwest, in particular — are seeing even more drastic growth.

According to the latest CoreLogic data released on Tuesday, monthly rent for a single-family home grew 2.9 percent year-over-year in June. The most dramatic rent hikes took place in the Southwest — Phoenix topped the list at 7.1 percent growth while Tucson and Las Vegas came close at 6.8 percent and 5.8 percent, respectively.

The reason for such growth has to do with the area’s rapidly-expanding job market. Phoenix saw its employment grow by 3.3 percent, more than double the nationwide average of 1.5 percent. Miami, meanwhile, saw the lowest rent price increases in the country at 1.1 percent.


“Increases in single-family rent across the country are fueled by increases in the number of renter households,” said Molly Boesel, principal economist at CoreLogic, in a prepared statement. “While the number of households grew overall in the United States through June, the growth was higher for renter households than for owner households, helping buoy demand for single-family rentals.”

Overall, rent price growth has stayed relatively stable in comparison to last year. In June 2018, prices increased by 3 percent after peaking at 4 percent growth in February 2016. Stabilization, however, is slower to catch up to the lower-end tier of the market. Rental properties priced at 75 percent less than an area’s median grew by 3.6 percent while those worth 125 percent more than an area’s median grew by only 2.7 percent.

Email Veronika Bondarenko

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription