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What Inflation? Rents Hit 14-Year High

May 18, 2021 By Jeremy Jones, CFA

By dominique landau @ Shutterstock.com

While the Fed can’t seem to find enough inflation to quench its thirst, Americans are paying the highest rents they’ve paid in 14 years. Bloomberg reports:

Rents for single-family homes in the U.S. climbed to the highest level since September 2006 as the pandemic pushes Americans to seek out more space.

Rent jumped 4.3% in March compared with a year earlier, according an index from CoreLogic Inc., led by double-digit increases in Phoenix and Tucson, Arizona.

Housing costs are surging across the U.S., adding to concerns about rising inflation as vaccination campaigns and falling Covid-19 cases stoke the economy. Rent for single-family homes has been accelerating as larger living spaces for the era of social-distancing and remote work became a priority.

The rent hikes have boosted single-family landlords Invitation Homes Inc., American Homes 4 Rent, and Tricon Residential Inc., which have seen shares reach all-time highs in recent weeks.

Read more here.

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Jeremy Jones, CFA
Jeremy Jones, CFA, CFP® is the Director of Research at Young Research & Publishing Inc., and the Chief Investment Officer at Richard C. Young & Co., Ltd. Richard C. Young & Co., Ltd. was ranked #5 in CNBC's 2021 Financial Advisor Top 100. Jeremy is also a contributing editor of youngresearch.com.
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