Rent Increases Return to Pre-Covid Levels

Increases in single-family rents soared in the post-pandemic environment but have now moderated to the annual levels in the pre-pandemic years of 2010 to 2019. CoreLogic’s Single-Family Rent Index (SFRI) recorded an annual increase of 3.4 percent in May. Since the start of the pandemic, single-family median rents have increased by $470, or 30 percent. The company, however, does not see rents declining in the near term. “After increasing at an accelerated pace for more than two years, annual single-family rent growth returned to its pre-pandemic rate in May,” said Molly Boesel, principal economist for CoreLogic. “High inflation may be affecting renters’ abilities to absorb continually higher monthly payments, which could be keeping year-over-year rent increases relatively low. However, even in the current economic environment, monthly single-family rent increases returned to a typical seasonal pattern in February of this year, suggesting that single-family rents are poised to continue increasing throughout 2023 .” The Chicago area had the highest annual increase among the 20 largest markets, 6.6 percent. The median monthly rent in that metro is currently $2,327. Charlotte, North Carolina had the second largest annual gain at 5.9 percent, followed by Boston and New York, each at 5.7 percent. Of the 20 metros shown in Table 1, Chicago posted the highest year-over-year increase in single-family rents in May 2023, at 6.6%. Charlotte, North Carolina was second with an annual gain of 5.9 percent, followed by Boston and New York (both at 5.7 percent.)

July 18, 2023 Download our Mobile App: Download our Mobile App: Housing News Rent Increases Return to Pre-Covid Levels Increases in single-family rents soared in the post-pandemic environment but have now moderated to the annual levels in the pre-pandemic years of 2010 to 2019. CoreLogic’s Single-Family Rent Index (SFRI) recorded an annual increase of 3.4 percent i... (read more) Housing News NAHB: Fed Has Housing Economics “Backwards” Builder confidence in the market for newly constructed homes rose another point in July according to the National Association of Home Builders (NAHB). The NAHB/Wells Fargo Housing Market Index (HMI) hit 56 in its seventh straight month of improvement... (read more) MBS Commentary European Bonds Set The Tone; US Data Adds Volatility Today's session was off to a stronger start thanks to a sharper rally in European bonds overnight, but domestic economic data pushed back early. This wasn't immediately obvious due to the headline "miss" in Retail Sales, but the "control group"... (read more) Rob Chrisman FHA Jobs; Outsourcing, Insurance, Fraud Stats, eSign, HELOC Products; Webinars and Training; MBA on CFPB Enforcement There’s a definite shift going on in banks as continued layoff rumors in jumbo and portfolio divisions are rampant. At the other end of the job chain, people’s circumstances about how they entered our business are often fortuitous, or interesting. A ... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.88% -0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.88% -0.02 0.00 15 Yr. Fixed 6.30% -0.01 0.00 30 Yr. FHA 6.50% 0.00 0.00 30 Yr. Jumbo 6.90% 0.00 0.00 5/1 ARM 6.95% 0.00 0.00 30 Yr. VA 6.49% -0.02 0.00 Updates Daily - Last Update: 7/18 15 Yr. Fixed Rate 6.30% -0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.96% +0.15 0.00 15 Yr. Fixed 6.30% +0.06 0.00 Updates Weekly - Last Update: 7/13 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.58% -0.49 0.74 15 Yr. Fixed 6.42% +0.12 1.22 30 Yr. Jumbo 7.04% +0.09 0.59 Updates Weekly - Last Update: 7/12 MBS / Treasuries UMBS 30YR 5.5 99.80 +0.00 Price / Yield Change MBS UMBS 5.5 99.80 0.00 UMBS 6.0 101.00 -0.02 GNMA 5.5 99.73 -0.03 GNMA 6.0 100.77 -0.06 Pricing as of: 7/18 5:31PM EST 10 Year US Treasury 3.7810 -0.0280 Price / Yield Change US Treasury 2 YR Treasury 4.757 +0.015 5 YR Treasury 4.001 -0.016 7 YR Treasury 3.895 -0.020 10 YR Treasury 3.781 -0.028 30 YR Treasury 3.893 -0.038 Pricing as of: 7/18 5:31PM EST Latest Video Rejection rates on new loan applications have hit the highest since 2013, s... Homebuilder sentiment rises in July One week of better inflation data does not 'a new trend make', says Citi's ... Bank earnings have started better than expected, says Piper Sandler's Scott... Around the Web Calculated Risk Blog Will house prices decline further later this year? Eye on Housing Homeownership across US Counties Eye on Housing Builder Confidence Edges Higher Despite Rising Rate Concerns Calculated Risk Blog Retail Sales Increased 0.2% in June CNBC Treasury yields fall as investors await fresh economic data CNBC More Americans are moving to Spain and paying high prices for real estate Calculated Risk Blog Industrial Production Decreased 0.5% in June Calculated Risk Blog Housing July 17th Weekly Update: Inventory increased 1.2% Week-over-week; Down 7.5% Year-over-year CNBC Treasury yields fall as investors assess state of U.S. economy Eye on Housing Single-Family Permits Decline in May 2023 CNBC Biden administration announces student debt forgiveness for 804,000 federal borrowershere's who qualifies Eye on Housing Residential Building Workers Wage Growth Trending Down CNBC Europe stocks set for lower open as momentum wanes; China GDP misses expectations

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