Single-Family Rent Growth Slows Overall but Climbs in Affordable Areas
In some affordable, high-demand areas, single-family rental rates grew despite the national average slowing to just 1.5%
Jan. 24, 2025
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Although it's still one of the most affordable places to rent a single-family home, Detroit saw rental rates grow by more than 6%, according to the most recent data.
Across the U.S., single-family rent growth is slowing, with a recent report from CoreLogic, a global provider of property information, showing rent growth grew by less than 2% as of the most recent data in November. However, the report shows more affordable parts of the U.S. are seeing rents grow at much higher rates as demand in these regions increases. Detroit, for instance, remains one of the most affordable places to rent but saw the median rate for a three-bedroom home grow by 6.1%. There, the median rent price for a three-bedroom home remains at just $1,777 despite recent growth.
Of the 20 metros shown in Table 1, Detroit posted the highest year-over-year increase in single-family rents in November 2024, at 6.1%. Washington, D.C. registered the second-highest annual gain at 5.5%, followed by Honolulu at 4.3%. Austin, Texas (-2.4%); Boston (-1.5%); Phoenix (-1.2%); Tucson (-0.4%) Dallas; Orlando and San Diego (all -0.3%) posted annual rental price losses.Read more
