Single-family home rental rates rising fast in Dallas-Fort Worth, CoreLogic reports – Dallas Business Journal – Dallas Business Journal

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Single-family rental prices in Dallas-Fort Worth rose 14.1% in the past year — the sixth highest increase in the nation.
The median rent for single-family homes in DFW was $1,909 as of September, according to an analysis by CoreLogic.
After a surge this summer, rental house price growth finally broke double digits nationwide in September, at 10.2%. 
Austin-Round Rock, with a 14.9% rent growth rate for houses, had the fourth-highest increase in the country. Austin’s median single-family rental rate is $1,863.
Houston-The Woodlands-Sugar Land single-family rentals rose 9.9% to $1,614, according to CoreLogic’s report.
Miami had the highest year-over-year rent price increase in September, at 25.7%. The median single-family home rent price there is $2,334. Miami was followed by Phoenix and Las Vegas at 19.8% and 15.9% respectively. The three top metros have continued to experience rapid growth as tourism returns and local labor markets improve, CoreLogic’s report noted. 
Nationwide, rent growth across price points remains at record highs, with upscale home rentals leading the charge.
CoreLogic analyzed single-family rent price changes nationally and across major metro areas. September 2021 data shows a national rent increase of 10.2% year over year, up from a 2.6% year-over-year increase in September 2020.
Single-family homes that are built to rent are one of the hottest segments of the U.S. property market.
Some of the big players in rental-home construction in North Texas are NexMetro, which has about 15 communities representing more than 2,200 homes that have been completed or are currently under construction in Dallas-Fort Worth, and Arlington-based homebuilding giant D.R. Horton (NYSE: DHI), which has hundreds of rent houses under construction. 
In addition, Arizona-based builder Taylor Morrison Home Corp. is partnering with rent home company Christopher Todd Communities to build a single-family rental community in Grand Prairie and plans more rental clusters in other as-yet-unnamed cities in North Texas. 
The largest owner of rental homes in the nation is also based in North Texas. Dallas-based Invitation Homes Inc. (NYSE: INVH) owns more than 80,000 single-family rentals nationwide. Invitation raised its prices roughly 11% in the third quarter, boosting rents by 8% on renewals and 18% on leases to new tenants, according to a quarterly statement.
While consumers nationally continue weighing the pros and cons of the housing and rental markets, many are opting for the financial flexibility of single-family rentals. But as the labor market gains steam and rental supply remains low, rent prices are expected to continue their rapid rise through at least the end of the year, CoreLogic forecasts. 
The analytics firm notes in the report that the single-family rental market faces similar supply constraints as the for-sale market, so landlords and renters can expect a continued increase in rents, especially across high-end homes, as renters seek more space.
“Rent growth should continue to be robust in the near term, especially as the labor market improves and the demand for larger homes continues,” Molly Boesel, principal economist at CoreLogic, said in the report.
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