Overall, year-over-year rent price increases have slowed down since February 2016. During this time, they peaked at 4.2%, and stabilized at around 3% since early last year.
High-end rentals increased 2.7% in November 2019, and the report says this remains unchanged from the previous year.
For the 12th month in a row, Phoenix has the highest year over year increase in single-family rent prices in November, at 6.9%. Neighboring town Tucson had the second-highest rent price growth, with gains of 5.7%.
For October, Phoenix was the market that saw the highest uptick in rent, with the highest year over year increase in single-family rents at 6.8%, according to CoreLogic.
“Strong rent growth in the Southwest reflects strong population growth in this part of the U.S.,” said Molly Boesel, principal economist at CoreLogic. “Arizona ranked third for population growth in 2019 by both number and percentage increase, according to the U.S. Census Bureau. In contrast, Illinois and Hawaii both had a decrease in population in 2019, which could account for the slower rent growth in these regions.”