Although June’s rental prices were the highest since 2005, July’s numbers set new records yet again. According to the latest Single-Family Rent Index report from CoreLogic released on Tuesday, rent for a single-family home increased by 8.5 percent year over year in July compared to 7.5 percent in June.

Up 1.7 percent since July 2020, the numbers seen this month increased fivefold for the second month in a row. They are also at a 16.5-year high in large part due to the inventory shortage and subsequently skyrocketing home values seen across the country over the last five years.

While great for homeowners, such growth is creating a larger and larger gap between those who own homes and those who don’t. As a result, those who give away their income for rent have even smaller sums each month to set aside for a future down payment.


While the pandemic saw rent decreases in cities with a large student population like Boston, those numbers are also starting to bounce back. Phoenix, Miami and Las Vegas saw the highest jumps in rental prices at 18.9, 17 and 14.3 percent, respectively.

“Single-family rent prices continue to climb as national economic recovery, the overcrowded purchase market and deficient inventory puts pressure on the rental market,” Molly Boesel, principal economist at CoreLogic, said in a prepared statement. “With eviction moratoriums coming to a close this fall, and single-family rental inflation showing no signs of slowing over the next several months, affordability challenges may begin to pose a more urgent concern for renters.”


Higher-end homes worth 125 percent or more of an area’s median price saw the largest growth at 9.8 percent from June 2020. Higher-middle priced (100 to 125 percent of an area’s median home) properties grew by 8 percent while lower-middle priced (75 percent to 100 percent of the regional median) increased by 7.2 percent. Lower-priced homes (worth less than 75 percent of an area’s median price) grew the least but, at 5.9 percent growth, still increased at quite a significant amount.

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