IE Business Daily Business news for the Inland Empire.
U.S. rents grew 8.8 percent in October, the lowest year-over-year growth rate since June 2021.
That was also the sixth consecutive month that single-family rent growth slowed compared with the previous year, yet the 8.8 percent appreciation was three times larger than before the pandemic, Irvine-based CoreLogic reported.
Rents are staying up because of a lack of available space, a trend that is helping year-over-year gains among low-priced properties.
“Single-family rents decreased again on a monthly basis in October, but were still up year over year,” said Molly Boesel, CoreLogic’s principal economist, in a statement. “While rents typically experience a seasonal decline in October, this year’s decrease was larger than average and could point to prices slowing more sharply than expected in the coming months.”
Inland Empire rents were up 8.3 percent year-over-year in October compared with 14.6 percent in October 2021, CoreLogic reported.
