Single-family home rental prices continue to climb amid a recovering economy and insufficient inventory for the steady flow of people who continue to move to the Phoenix region every day.

Phoenix had the highest year-over-year increase in single-family rents in July, at 18.9%, followed by Miami with a gain of 17% and Las Vegas at 14.3% growth, according to the CoreLogic Single-Family Rent Index released Sept. 21. That compares with a national rent increase of 8.5% year-over-year, up from a 1.7% year-over-year increase in July 2020.

Despite topping the nation in rent growth, metro Phoenix's median rent of around $1,830 for a 3-bedroom home still is relatively more affordable than in some other larger and more expensive metros across the country, said Selma Hepp, deputy chief economist for CoreLogic.

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By Angela Gonzalez - Phoenix Business Journal