Data show rental rates continue to increase but at a much slower pace than in the past
Dec. 30, 2024
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Single-family rent growth slowed during the latter half of 2024.
Although home prices continue to rise, U.S. single-family rent growth slowed at the end of 2024, according to real estate data provider CoreLogic. As of October, annual single-family rent growth registered 1.7%, the lowest rate since June 2020 and a drop from 2.3% during the same period last year. On a month-over-month basis, rent growth for single-family properties dropped by 1.5% in October, which is well below the historical average of -0.5% for the month. While this trend is observed nationwide, certain markets—particularly in the South and West—continue to drive rent increases.
Of the largest 20 metros shown in this report, Detroit posted the highest year-over-year increase in single-family rents in October 2024, at 6%, followed by Washington, D.C. (4.5%). Four metros showed decreases in annual growth in October, with Austin posting the lowest at -3%, followed by Phoenix (-1.2%), Orlando (-1.1%), and Dallas (-1%). Rents in Austin have been falling since mid-2023, though the decreases have not wiped out the growth since 2020. Austin’s increase in rents since Feb 2020 was 22%.Read more
