As compared to the average price for homes on a year-over-year basis, rental prices have not kept pace with the same momentum. Over the last 12 months rents for single-family homes grew by only 2.4% year-over-year in April.

This metric is the result of CoreLogic Single-Family Rent Index (SFRI). The SFRI metric measures changes to single-family rental homes, including condominiums, using a repeat rent analysis.

According to this recent SFRI, the uncertainty and shelter-in-place protocols put in by a number of COVID-affected regions have slowed the pace of rent increases.

An interesting development was found with rents for lower-priced homes, which increased faster than those of higher-priced homes in April on an annual year-to-year comparison.

According to the SFRI, the lower-priced rentals continued to drive the national rent price higher.

Of the 20 different regional areas measured, of which New York was not included, rent increases were reported in the 2-3% range. St. Louis and Detroit experienced the lowest percentage increases in the nation, whereas Phoenix, Arizona saw a 6.6% increase year-over-year.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

LET’S CONNECT ONLINE!

Connect with Ralph on Facebook: https://www.facebook.com/CounsellorsTitleAgency/

Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/