The rate at which rent prices climbed in June 2021 was the fastest year-over-year increase since at least January 2005. This latest data comes from the CoreLogic Single-Family Rent Index. Rent increases have hit a growth spurt over the last several months as home prices become less affordable, leaving would-be buyers in rentals.
Rent growth for single-family homes were 10.5 percent higher in June than they were the previous year and attached rentals like apartments and condos were up 4.6 percent.
San Diego’s growth in rent prices was 9.1 percent for single-family homes over the past year. As of May, the median rent in San Diego was $3,045.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.