May 21, 2024
(press release)
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IRVINE, Calif., May 21, 2024—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. Single-family rent gains inched up again to 3.4% on an annual basis in March, with the median monthly cost for a U.S. three-bedroom home at $2,052 in February. Of the 20 metro areas CoreLogic tracks, only six posted rental prices that were less expensive than the national average. Three metros in the South showed annual declines, while coastal job hubs again led for rent growth. This indicates that Americans who rent in expensive metros can shoulder the additional cost burden, thanks to higher wages in many job sectors and a U.S. unemployment rate that has remained below 4% for more than two years. “U.S. single-family rent growth strengthened overall in March, though some weaknesses are revealed in the latest numbers,” said Molly Boesel, principal economist for CoreLogic. “Overbuilt areas, such as Austin, Texas continued to soften, decreasing by 3.5% annually in March. And for the first time in 14 years, single-family, attached properties posted a year-over-year decline. The continued strength in single-family detached rents indicates that potential homebuyers who are priced out of the home-purchase market are choosing to rent similar alternatives.” 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: Of the 20 metros shown in Table 1, Seattle posted the highest year-over-year increase in single-family rents in March 2024, at 6.3%. New York registered the second-highest annual gain at 5.3%, followed by Boston at 5.2%. Austin, Texas (-3.5%), Miami (-3.2%) and New Orleans (-1.4%) posted annual rental price losses. The next CoreLogic Single-Family Rent Index will be released on June 18, 2024, featuring data for April 2024. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence. Methodology 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. The rental listings used to calculate the index include both attached and detached single-family homes, as well as condominiums. 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 The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data contact Robin Wachner at newsmedia@corelogic.com. For sales inquiries, please visit https://www.corelogic.com/support/sales-contact/. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources. About CoreLogic CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences that build better relationships, strengthen businesses and ultimately create a more resilient society. For more information, please visit www.corelogic.com.
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