In September, annual rent growth for single-family homes in the U.S. rose by just 2%, continuing the slowdown that started earlier in 2024. According to property information provider CoreLogic, this growth rate is noticeably lower than the 3.5% yearly average seen in the decade before the pandemic. Of all the metros tracked by CoreLogic, two saw increases of 5% or greater, and seven metro areas saw median single-family rents rise above $3,000. Detroit posted the highest year-over-year increase in single-family rents in September, at 5.2%, followed by Seattle, which saw rents rise by 5%.
“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,” said CoreLogic principal economist Molly Boesel. “While about one-third of metros showed stronger rent growth than in the previous year, more metros showed decreases in rents than in the prior report. While a slowing in rents will be welcome news to renters, increases since 2020 are still at 32%.” Read more