The cost of renting a single-family home in the US rose 4.3% year-over-year in March, CoreLogic said in a Tuesday. That's up from 3% in March 2020 and places rents at their highest level since September 2006.
Boston saw a nearly 8% decline in rent prices through March. Prices also fell in Chicago and St. Louis, according to the report. Surging home prices often drive potential buyers to the rental market; a recent CoreLogic survey showed nearly 70% of consumers citing high home inflation as a reason to rent. But even that option is growing crowded, and burgeoning demand for rentals risks creating a new affordability problem. More than one-third of consumers said rentals in their neighborhood were either not very or not-at-all affordable, CoreLogic said.
The free market is failing us once again, where’s the supply in the demand ?