Opportunities Rise in SFR Market as Inventory Tightens

first_img Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Share Save Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 1 day ago Subscribe Previous: Younger Millennials’ Homebuying Habits Next: Birchwood Credit Services and NEMBC Help Provide Wounded Vet Housing CoreLogic’s latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas, March 2021 data showed a national rent increase of 4.3% year-over-year, up from a 3% year-over-year increase in March 2020.According to the U.S. Census, the occupancy rates for single-family rentals is at a generational high, which is driving up inventory pressure and, subsequently, rent growth. A recent CoreLogic survey shows that nearly 70% of consumers agree high prices for homes are causing many people to rent. However, as demand continues to drive rent prices higher, affordability challenges lie ahead on the rental front as well, as 36% of consumers already feel rental options in their neighborhood are not very or not-at-all affordable.“The CoreLogic Single-Family Rent Index shows a preference shift to standalone properties as renters seek more space in less dense areas,” said Molly Boesel, Principal Economist at CoreLogic. “Prior to the pandemic, rents for detached properties and attached properties grew at similar rates. However, starting in June 2020, rent growth for detached properties accelerated and by March, grew at five times the rent growth rate of attached properties.”The latest report from the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau found that housing starts dropped in April 2021, hitting 1.57 million units, down 9.5% from March, but is 67.3% above the April 2020 rate of 938,000. The lack of housing starts is constricting inventory, as those renters on the fence about making a home purchase are forced to remain renters until more inventory is made available or prices dip to more affordable levels.CoreLogic examined four tiers of rental prices. National single-family rent growth across the four tiers, and the year-over-year changes, were as follows:Lower-priced (75% or less than the regional median): 3.2%, down from 3.8% in March 2020Lower-middle priced (75% to 100% of the regional median): 3.7%, up from 3.1% in March 2020Higher-middle priced (100% to 125% of the regional median): 4.2%, up from 2.9% in March 2020Higher-priced (125% or more than the regional median): 5%, up from 2.8% in March 2020Regionally, Phoenix had the highest year-over-year increase in single-family rents in March 2021 at 11.4%. Tucson, Arizona, had the second-highest rent price growth with a gain of 10.4%. Atlanta, which had the second-lowest unemployment rate in March among the 20 metro areas, had the third highest year-over-year rent growth of 8.1%. Conversely, Boston had an annual decline of 7.7% in rent prices and has experienced the largest decrease in 20 metros’ rent prices for eight consecutive months. Servicers Navigate the Post-Pandemic World 1 day ago Tagged with: CoreLogic Molly Boesel Single-Family Rent Index (SFRI) U.S. Census Bureau U.S. Department of Housing and Urban Development (HUD) 11 days ago 610 Views Data Provider Black Knight to Acquire Top of Mind 1 day ago The Best Markets For Residential Property Investors 2 days ago Related Articles About Author: Eric C. Peckcenter_img Demand Propels Home Prices Upward 1 day ago Data Provider Black Knight to Acquire Top of Mind 1 day ago Demand Propels Home Prices Upward 1 day ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Print This Post Opportunities Rise in SFR Market as Inventory Tightens in Daily Dose, Featured, Journal, Market Studies, News Home / Daily Dose / Opportunities Rise in SFR Market as Inventory Tightens Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago CoreLogic Molly Boesel Single-Family Rent Index (SFRI) U.S. Census Bureau U.S. Department of Housing and Urban Development (HUD) 2021-05-18 Eric C. Pecklast_img read more

Eagles Middle School Harriers Participate At ORVC Meet

first_imgThe Jac-Cen-Del Junior High Cross Country teams ran in the 7 school ORVC meet on Tuesday (10/2) evening in Rising Sun at the Ohio County Fairgrounds. The JCD Girls’ team finished 4th with Allene Peters making the All-Conference team (Top 12) and the JCD Boys’ team finished 5th in the meet. [email protected] Sun – ORVCCourtesy of Eagles Coach Steve Narwold.last_img

Nelson gets first career win at Stuart

first_imgBy Josh ReynoldsSTUART, Iowa (July 27) – Garrett Nelson raced to the first Karl Chevrolet Northern SportMod victory of his career Friday at Stuart Speedway.Hunter Longnecker and Nelson drew front row starts. Nelson led Longnecker and Matt Webb until Webb moved to second on lap four. Two laps later, Austin Luellen passed Longnecker for third but it was Nelson look­ing strong out front.Webb and Luellen had a great race for second, but it was all Nelson as he went on to take his first ever SportMod win. Webb finished second with Luellen third, Chase Rudolf fourth and Colton Nelson fifth.Josh Gilman was the IMCA Modified winner and Chris Pruitt prevailed in the IMCA Sunoco Stock Car main.Matt McAtee took the IMCA Sunoco Hobby Stock checkers and Cody Cleghorn checked out in the Mach-1 Sport Compact main.last_img read more