According to a recent CoreLogic report, U.S. single-family rental properties experienced a 2% rent-price growth in the year ending in September 2024, down from 2.4% in August.
The report from the property data and solutions company revealed that this year-over-year gain was significantly lower than the pre-pandemic single-family rental growth rate of 3.5%. Rent growth for detached rentals, or standalone properties, decreased to 2%, marking two consecutive months of declining price growth after increases of 2.6% in July and 2.3% in August.
Molly Boesel, CoreLogic principal economist, stated, “Single-family annual rent growth slowed in September to the lowest rate in over four years, and monthly rent growth posted a second month of below-seasonal trend growth, making it clear that single-family rent growth is decelerating.”
CoreLogic also noted that some markets in Texas, California, and Florida are experiencing SFR price depreciation.
Among the 20 metro areas tracked by CoreLogic, Detroit led with the highest annualized SFR growth at 5.2%, followed by Seattle (5%) and New York (4.9%). Detroit, with a median monthly rental price of $1,764, ranked second-lowest behind Philadelphia ($1,656). Three of the top five areas for annual rent-price growth in September had median prices exceeding $3,000.
CoreLogic’s monthly SFR index analyzes rent prices across four pricing tiers, with high-end rentals outpacing lower-priced properties. This trend indicates that some renters are benefiting from increased economic flexibility.
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