Hello everyone my name is Cade Olof and welcome back to Suburban Snacks. This month’s snack is… Alejandro’s tortilla chips! In this episode, we’ll be explaining how single-family rents posted record growth! According to Realtor Magazine, property owners are charging more for their single-family rentals as demand soars. Single-family rental prices continue to rapidly increase with record growth, according to CoreLogic’s Single-Family Rent Index. In November 2021, single-family rent growth nationally rose 11.5% year-over-year. Annual rent price growth has continued to double—and even triple—in the last several months in some markets, according to the index. Molly Boesel, principal economist at CoreLogic states that “Improvements in the economy and job market have helped push single-family rent growth to record levels. However, rapid increases in single-family rents, especially for lower-priced properties, have led to the continued erosion of affordability.” You may find yourself in a market where the rental growth has not been that substantial. However, in the more popular cities, we can see an outrageous growth in pricing within the last year. Miami posted the highest year-over-year increase in single-family rents in November 2021. Prices jumped 33% over the past year, followed by Phoenix (19.4%) and Las Vegas (16.7%). 33% that’s crazy!!! These growing rents are something to consider if you are currently renting. You may just find that you’re better off purchasing a home with a low rate and keeping your monthly payment consistent. If you are somebody planning on moving in 2022, regardless of your reasoning, we at Suburban would love to help! We’ve had the experience of successfully negotiating countless purchases on behalf of buyers. That’s going to do it for us here at Suburban Snacks. If you have any questions or would like to get into contact with us feel free to check out our new website at suburbanrealestategroup.com. Also, make sure to follow us on Facebook, Instagram, and YouTube all at SuburbanRealEstateGroup. Thanks for watching, my name is Cade Olof and we will see you in the next one!