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CoreLogic SFRI Reports Low Rental Inventory Levels Pushing Rent Higher

CoreLogicSFRIReportsLowRentalInventoryLevelsPushingRentHigherManufacturedHomeProNews

The press release to MHProNews from CoreLogic earlier today makes a nice bookend to the earlier report on the spike in single family housing building permits. In a way it is stating the obvious, because as inventory tightens, the law of supply and demand kicks in.  Of course the of renting will rise too. But that should spell opportunities for manufactured housing, given that Apartment List reported earlier this year that there are some 111 million living in rentals.

Here is the CoreLogic media release, followed by some analysis by MHProNews.

CoreLogic SFRI Reports Low Rental Inventory Levels are Pushing Rent Prices Up

 

—U.S. single-family rent prices increased 3% year over year in
September 2019—

  • QuoteMarkManufacturedHomeLivingNewsPhoenix had the highest year-over-year rent price increase at 6.7%
  • Low-end rent prices were up 3.8%, compared to high-end price gains of 2.9%

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and among 20 metropolitan areas. Data collected for September 2019 shows a national rent increase of 3%, which remained flat in comparison to September 2018.

Table1SelectCitiesMarketsSingleFamilyRentalChangesCoreLogicSept2019ManufacturedHomeProNews
To see this chart full size, click to download and then open.

Low rental home inventory, relative to demand, fuels the growth of single-family rent prices. The SFRI shows single-family rent prices have climbed between 2010 and 2019. However, overall year-over-year rent price increases have slowed since February 2016, when they peaked at 4%, and have stabilized around 3% since early 2019.

Figure1NationalSingleFamilyRentalChangesCoreLogicSept2019ManufacturedHomeProNews
To see this chart full size, click to download and then open.

September marked the 65th consecutive month in which low-end rentals propped up national rent growth. Rent prices among this tier, defined as properties with rent prices less than 75% of the regional median, increased 3.8% year over year in September 2019, the same as in September 2018. Meanwhile, high-end rentals, defined as properties with rent prices greater than 125% of a region’s median rent, increased 2.9% in September 2019, up from a gain of 2.5% in September 2018.”

Figure2NationalSingleFamilyRentalChangesByMarketsYearOverYearCoreLogicSept2019ManufacturedHomeProNews
To see this chart full size, click to download and then open.

See the single family housing report below for additional insight from the conventional housing world and how that relates to manufactured housing.

SunCommunitiesIncSUIRentalofManufacturedHomeVsOtherRentalComparisionsFeb2019IRDec312018DataManufacturedHomeCommunityDailyBusinessNewsMHProNews

 

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U.S. Conventional Housing Starts Rise, Building Permits Hit New High, Manufactured Housing Insight

That’s your final ‘almost midnight’ installment today of “News through the lens of manufactured homes and factory-built housing,” © your runaway #1 biggest and most-read professional information resource, where “We Provide, You Decide.” © (News, fact-checks, analysis, and commentary.)

SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach for MHProNews.com.

Soheyla is a co-founder and managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. Connect with us on LinkedIn here and here.

 

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