Homebuyers aren't the only ones seeing skyrocketing prices. Demand for single-family homes is on the rise, and rent is going up right along with it.
Single-family rents were up 5.3% year over year in April, according to CoreLogic, an acceleration from a 2.4% increase in April 2020. That's the largest price uptick in nearly 15 years. Looking for a yard? Rents on nondetached homes rose even higher, up 7.9% compared with a year ago.
"Single-family rent growth showed a strong rebound in April 2021 with all price tiers back above their pre-pandemic rent growth rate," Molly Boesel, principal economist at CoreLogic, told CNBC.
Video by Mariam Abdallah
If you're in the market for a rental, experts say there's always room for negotiation in the price you pay. Start by researching the homes in the area, focusing on total listings, the amount of time homes have been on the market, and whether homes have seen price cuts. All could give you some leverage.
You may also be able to score a discount if you agree to a longer lease or to prepay a few months of rent.
"Landlords spend a lot of time chasing after late rent payments," Jeff Proctor of DollarSprout.com recently told Grow. "So if you can save them the hassle of that, they may be willing to help you out a little bit on rent costs."
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