Rental rates continue to climb but at a much slower pace compared with the surge in prices that occurred during the pandemic
Aug. 27, 2024
Image: Jaskaran Kooner / stock.adobe.com
The single-family rental market is seeing rental rates stabilize.
Rent growth for U.S. single-family homes is stabilizing after a sharp increase during the COVID-19 pandemic. According to Multi-Housing News, which cites CoreLogic’s Single-Family Rent Index, year-over-year rent growth is approaching pre-pandemic levels, with prices rising by 2.9% year-over-year as of June 2024. Monthly increases have slowed as well, with a 1% gain recorded from May to June 2024. Although growth is modest, rental prices are still climbing, with eight out of the top 20 metro areas tracked by CoreLogic showing gains above 4%, and seven metros reporting median rents over $3,000.
Of the 20 metros surveyed, St. Louis posted the highest year-over-year increase in single-family rents in May 2024, at 6.2 percent. New York City and Seattle registered the second-highest annual gains (both at 5.9 percent), followed by San Francisco at 5.2 percent. Austin, Texas (-0.6 percent) and Phoenix (-0.3 percent) posted annual rental price losses.
