Five Star Global is proud to announce Jeff Tesch, CEO of RCN Capital, as the Event Chair for the 2020 Single-Family Rental Summit, taking place March 24-25 in Dallas.
“It’s going to be an amazing, information-packed two days,” Tesch said of the conference.
Sessions during the summit include discussions on technology, financing, property management, and how investors can scale single-family business.
Single-family rental compromise one-third of all U.S. rental properties, with 16 million current properties on the market and 13 million in demand.
CoreLogic’s Single-Family Rent Index found rent prices rose 3.1% year-over-year, an increase propped up by low-end rentals, defined as properties with rent prices less than 75% of the regional median. Low-end rentals were up 3.6% year-over-year in October 2019.
The increase in single-family rental prices were fueled by the low rental home inventory, but price growth has slowed since February 2016. High-end rental prices grew alongside low-end, up by 2.9% from October 2018.
“Increases in low-end rent prices have outpaced those on the high end for more than five years as newly-formed households push up demand for entry-level rentals,” said Molly Boesel, Principal Economist at CoreLogic. “However, high-end rents gained momentum for the sixth consecutive month in October 2019, while low-end rates slowed for the first time in roughly five months–resulting in the narrowest gap in rent growth for these price tiers since 2014.”
By region, Phoenix had the highest year-over-year increase in single-family rents in October 2019 at 6.8%. Following Phoenix, Seattle took the second-highest rent price growth in October 2019 with gains of 5.8% and 5.4%. Phoenix, alongside Seattle, had high year-over-year rent growth driven by annual employment growth of 2.6% and 2.9%.
Phoenix and Seattle's year-over-year rent growth was driven largely by annual employment growth of 2.6% and 2.9%, respectively, larger than the national average of 1.4%.
Overall, buying is more affordable in 53% of the 855 counties ATTOM Data Solutions tracks.