US Annual Rent Growth Relaxes for the 17th Straight Month in … – CoreLogic

US Annual Rent Growth Relaxes for the 17th Straight Month in … – CoreLogic

  • Nationwide, single-family rent prices increased by 2.6% year over year in September.
  • Rental costs declined by -0.2% from August to September, which is in line with seasonal trends recorded over the 15 years before the pandemic.
  • Lower-priced rental gains have outpaced the high-priced tier over the last three years.
  • St. Louis led the nation for annual rent growth, while Austin, Texas; Las Vegas and Miami again posted declines.

IRVINE, Calif., November 21, 2023—CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas.  

Annual U.S. single-family rent growth dropped to the lowest level in three years in September, but the 2.6% increase is down only slightly from the pre-pandemic average. Relatively affordable metro areas continue to gain momentum, with St. Louis again leading the country for year-over-year rental cost hikes. Meanwhile, Miami — which led the U.S. for rent increases one year ago at almost 20% — was one of three U.S. markets to see prices decline annually in September. A recent CoreLogic analysis shows that single-family rental costs in Miami consumed more than half of the area’s median income, making it the second-least affordable major metro in the country.

“Single-family rent growth eased again in September and is now back to the rate recorded before the pandemic,” said Molly Boesel, principal economist for CoreLogic. “While low-tier rental gains are slowing, they have still surpassed those of their higher-priced counterparts since early 2020. Slowing month-over-month rent growth in September reflects typical seasonal patterns, but indications are that annual gains will remain positive through the rest of 2023.”

To gain a detailed view of single-family rental prices across different market segments, CoreLogic examines four tiers of rental prices and two property-type tiers. National single-family rent growth across those tiers, and the year-over-year changes, were as follows:

  • Lower-priced (75% or less than the regional median): up 3.6%, down from 12% in September 2022
  • Lower-middle priced (75% to 100% of the regional median): up 3.1%, down from 11.4% in September 2022
  • Higher-middle priced (100% to 125% of the regional median): up 2.3%, down from 10.6% inSeptember 2022
  • Higher-priced (125% or more than the regional median): up 1.9%, down from 8.7% in September 2022
  • Attached versus detached:Attached single-family rental prices grew by 3% year over year in September, compared with the 2% increase for detached rentals

Of the 20 metros shown in Table 1, St. Louis posted the highest year-over-year increase in single-family rents in September 2023, at 6.5%. San Diego registered the second-highest annual gain at 6%, followed by Boston at 5.1%. Austin, Texas (-1.4%), Miami (-0.7%) and Las Vegas (-0.2%) continued to post annual declines.

The next CoreLogic Single-Family Rent Index will be released on December 19, 2023, featuring data for October 2023. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog:

Year-over-year rent changes for 20 select U.S. metro areas, September 2023
Detached rent changes compared with attached rent changes, 2005 through September 2023
Annual rent changes for 20 select U.S. markets as of September 2023


The single-family rental market accounts for half of the rental housing stock, yet unlike the multifamily market, which has many different sources of rent data, there are minimal quality adjusted single-family rent transaction data. The CoreLogic Single-Family Rent Index (SFRI) serves to fill that void by applying a repeat pairing methodology to single-family rental listing data in the Multiple Listing Service. CoreLogic constructed the SFRI for close to 100 metropolitan areas — including 43 metros with four value tiers — and a national composite index. The indices are fully revised with each release to signal turning points sooner.

The CoreLogic Single-Family Rent Index analyzes data across four price tiers: Lower-priced, which represent rentals with prices 75% or below the regional median; lower-middle, 75% to 100% of the regional median; higher-middle, 100%-125% of the regional median; and higher-priced, 125% or more above the regional median.

Median rent price data is produced monthly by CoreLogic Rental Trends. Rental Trends is built on a database of more than 11 million rental properties (over 75% of all U.S. individual owned rental properties) and covers all 50 states and 17,500 ZIP codes.

Source: CoreLogic

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