Rents certainly have returned to pre-pandemic levels—and then some!
A new report from CoreLogic highlights that single-family home rents in the U.S. jumped 6.6 percent in May, compared to May 2020. That marks the fastest increase in single-family home rents since at least 2005.
Locally, Los Angeles county saw a 4.5 percent year-over-year increase.
According to the O.C. Register, single-family homes make up about half of the rental market. Demand for the dwellings surged during the pandemic as families and individuals alike sought to move to less densely populated neighborhoods.
CoreLogic notes that the rental increase was steepest at the top end of the market, with freestanding homes climbing by 9.2 percent, while attached properties like townhomes and condos rose 3.6 percent.
Not surprising, markets out West saw the largest increases, with Phoenix, Tucson and Las Vegas leading the pack at 14 percent, 11 percent and 10 percent increases, respectively.