CoreLogic has released the latest Single-Family Rent Index (SFRI), which examines changes in single-family rent prices across the U.S. and in major cities. New data found that although August’s annual growth in U.S. single-family rent was less than 3%, it has increased by 33% from the pandemic’s start.
Expensive coastal metros led the nation in growth, and while Sun Belt markets aren’t as hot as they once were, some of those areas—Miami (55%), Orlando, FL (41%), Phoenix (both 38%), and Tucson, AZ (38%)—have seen notable rises over the previous four years.
“Single-family rent growth slowed in August from both a year and a month ago,” said Molly Boesel, Principal Economist at CoreLogic. “The monthly drop in single-family rents of 0.2% was notable as it was contrary to the typical August increase of 0.3% and therefore points to quickly decelerating single-family rents. However, some metro areas bucked the national trend—the top metros in rent growth in August all had accelerating gains from a year ago.”
Single-Family Rent Growth Sees Notable Drop
Seven metro regions saw gains of at least 4% gains, and seven of the top 20 core-based statistical area (CBSAs) that CoreLogic measured had median rents over $3,000.
Seattle had the largest year-over-year increase in single-family rents in August 2024 (at 5.8%), followed by New York and Washington, D.C. (both at 5.5%). Rents in Austin, Texas decreased by -2.3% on an annual basis, however there was no change in Phoenix.
Top 10 Metro Areas with the Highest YoY Single-Family Rent Change: August 2024
- Seattle-Bellevue-Everett, WA (YoY rent change: 5.8%)
- New York-Jersey City-White Plains, NY-NJ (5.5%)
- Washington-Arlington-Alexandria, DC-VA-MD-WV (5.5%)
- Detroit-Dearborn-Livonia, MI (5.4%)
- Boston (4.8%)
- Chicago-Naperville-Arlington Heights, IL (4.6%)
- Urban Honolulu, HI (4.5%)
- Tuscon, AZ (2.6%)
- Houston-The Woodlands-Sugar Land, Texas (2.6%)
- Philadelphia (2.2%)
The next CoreLogic Single-Family Rent Index is scheduled to be released on November 21, 2024, featuring data for September 2024.
To read the full report, including more data, charts, and methodology, click here.
The post Single-Family Rent Growth Slows Year-Over-Year first appeared on The MortgagePoint.
