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The demand for single-family rental homes is climbing, sending rental prices soaring. The annual gain in single-family rents rose to a record level of 12.6% in January, the fastest yearly increase in more than 16 years of reporting, according to a newly released report from CoreLogic, a real estate data firm. That annual rent growth was more than triple the increase in January 2021.

Single-family rent growth extended its record-breaking price growth streak to 10 consecutive months in January, says Molly Boesel, principal economist at CoreLogic.

The Sun Belt is posting the largest increases. Single-family rents in Miami increased 38.6% year over year. Orlando, Fla., saw a 19.9% increase, and Phoenix posted an 18.9% rise.

As potential buyers face harsh competition in the real estate market, some are being drawn to the single-family rental market as they wait for greater inventory in housing. Still, inventory is just as tight for single-family rental housing, and high demand and tight inventory are prompting increases across the sector.

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