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US single-family rental prices rose 2.9% year-over-year in June; Washington DC metro area leads US with 6.5% annual rent growth: CoreLogic

August 22, 2024 (press release) –

  • Single-family rental prices increased 2.9% year over year in June 2024, which is equal to gains seen last month. 
  • The Washington D.C. metro area led the U.S. for annual rent growth at 6.5%. The other four rental markets in the top five saw monthly rental costs increase over 5%.  
  • Rental prices for low-end properties were up 1.9% compared to high-end properties where rental prices increased 3.1% year over year.

IRVINE, Calif., August 22, 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.

National year-over-year rent growth is returning to pre-pandemic rates as prices continue to hold steady. In June 2024, prices remained relatively stable, posting a 2.9% gain year-over-year. Monthly increases have also tempered, rising 1.0% between May 2024 and June 2024, which is about equal to the average rental price gain of 0.9% year over year recorded between 2004 and 2019.

Although rental prices are growing slowly — this time last year, rent increases were 2.8% year over year — they continue their steady climb. Of the top 20 CBSA that CoreLogic tracks, eight posted gains above 4% and seven metro areas had median rents above $3,000. Nevertheless, as the U.S. unemployment rate continues to inch up and housing affordability remains near an all-time low, single-family rentals remain an appealing option for many households.

“Single-family rents have been bouncing around their pre-pandemic rate of growth of about 3% this year after growing by double digits for most of 2021 and 2022. At the end of 2023, they did slow to the mid-2% range,” said Molly Boesel, principal economist for CoreLogic. “While single-family rents are increasing at a stable rate, median rent continues to rise and has increased over $300 over the past two years.”

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 1.9%, down from 4.7% in June 2023 
  • Lower-middle priced (75% to 100% of the regional median): up 3.3%, down from 3.4% in June 2023 
  • Higher-middle priced (100% to 125% of the regional median): up 3.0%, up from 2.8% in June 2023 
  • Higher-priced (125% or more than the regional median): up 3.1%, up from 1.6% in June 2023 
  • Attached versus detached: Attached single-family rental prices increased by 2.6% year over year in June, compared with the 2.8% increase for detached rentals. 

Of the 20 metros shown in Table 1, Washington D.C. posted the highest year-over-year increase in single-family rents in June 2024, at 6.5%. Seattle registered the second-highest annual gain at 6.1%, followed by New York at 5.4%. Phoenix (-0.8%) and Austin, Texas (-0.6%) posted annual rental price losses.

The next CoreLogic Single-Family Rent Index will be released on September 19, 2024, featuring data for July 2024. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog.

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.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

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