Call this a double whammy! Red-hot rents combined with a slowing economy.
According to CoreLogic, single-family annual rent growth finished 2021 at a new record: 11.7% YoY for high tier rental properties and 10.4% YoY for low tier rental properties.
Of course, southern and southwest rental properties are seeing the fastest rent growth. Particularly Miami at 36% YoY. Phoenix is no slouch at 19% growth in rents.
Inflation is really ripping the insides out of America’s working class. Especially with real-time GDP slowing to 0.7%.
Double whammy, indeed!