Single-family rent prices have remained stable through the summer. According to the recently released Single-Family Rent Index from property information company CoreLogic, there was a 2.8% year-over-year increase in rents for single-family properties. Before 2020, rent growth typically ranged between 2% to 4%, averaging 3.4%. High-end rental properties saw rents grow by 2.9%, compared with 1.8% in July 2023, while low-end rents dropped by 0.2% year-over-year, a shift from the 4.2% increase seen the previous year. Additionally, detached single-family rentals saw a 2.6% increase in rental prices, while attached rentals saw prices rise by 2.8%.
Washington, D.C., posted the highest year-over-year increase in single-family rents at 6.3%, with Chicago following close behind at 5.6% growth year-over-year. Just two metros saw rental rates decrease: Austin, Texas, and Phoenix saw rent prices fall by 1.1% and 0.8%, respectively.
"On the surface, single-family rent growth in July could be characterized as ‘average,’ with the annual and monthly national changes roughly equal to long-term levels,” said Molly Boesel, principal economist for CoreLogic. “However, a deeper look reveals that rent changes slowed at the lowest end of the market, dropping 0.2% in July from a year earlier. While this drop might be due to a strong year-ago comparison, it is most likely a welcome relief to renters looking for rentals in the lower-priced end of the market.”