2024 Single-Family Rent Index

January 30, 2025

Key takeaways from a recent CoreLogic report.

U.S. single-family rent growth slowed to 1.5 percent year-over-year in November 2024, the lowest annual increase recorded in more than 14 years.

With a 6.1 percent year-over-year rent increase in November, Detroit ranked first in the nation for growth out of 20 tracked major markets. The median price to rent a three-bedroom home in Detroit was $1,777 in October, one of only three metros with a monthly cost of less than $2,000, yet another indicator that Americans are seeking more budget-friendly places to live, particularly areas in the Midwest. The other two sub-$2,000 rental markets were Philadelphia ($1,634) and Houston ($1,921). Meanwhile, Washington, D.C.’s 5.5 percent increase could be partially attributed to the changeover in jobs that comes with a new political administration.

To gain a detailed view of single-family rental prices across different market segments, CoreLogic examines four tiers of rental prices and two property-type tiers. National single-family rent growth across those tiers, and the year-over-year changes, were as follows:

Lower-priced (75 percent or less than the regional median): up by 1.9 percent, down from 2.8 percent in November 2023.
Lower-middle priced (75 percent to 100 percent of the regional median): up by 1.7 percent, down from 2.6 percent in November 2023.
Higher-middle priced (100 percent to 125 percent of the regional median): up by 1.5 percent, down from 2.3 percent in November 2023.
Higher-priced (125 percent or more than the regional median): up by 2.2 percent, up from 2 percent in November 2023
Attached versus detached: Attached single-family rental prices increased by 1 percent year over year in November, compared with the 1.7 percent increase for detached rentals.

Of the 20 metros, Detroit posted the highest year-over-year increase in single-family rents in November 2024, at 6.1 percent. Washington, D.C. registered the second-highest annual gain at 5.5 percent, followed by Honolulu at 4.3 percent. Austin, Texas (-2.4 percent); Boston (-1.5 percent); Phoenix (-1.2 percent); Tucson (-0.4 percent) Dallas; Orlando and San Diego (all -0.3 percent) posted annual rental price losses.

—Posted on January 30, 2025

Annual U.S. rent growth registered a 1.7 percent increase in October, down from the 2.3 percent growth rate seen at the same time last year and marking the lowest rate since June 2020. Prior to 2020, single-family rent growth increased in the range of 2 percent to 4 percent for nearly a decade and averaged 3.5 percent.

The monthly growth rate for October was -1.5 percent, which was below the average -0.5 percent for October from 2004 through 2019. This marks the third consecutive month of below-trend seasonal growth, a clear sign that rent growth is decelerating.

Single-family rents posted below-trend growth in October, both in annual and monthly rate increases. While national growth was below-trend, some markets, particularly those that have had tepid rent increases over the past two years, led rent increases for the nation. Markets in the South and West, many of which had red-hot rent growth since 2022 brought down average rent growth.

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 percent, followed by Washington, D.C. (4.5 percent). Four metros showed decreases in annual growth in October, with Austin posting the lowest at -3 percent, followed by Phoenix (-1.2 percent), Orlando (-1.1 percent), and Dallas (-1 percent). 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 percent.

High-end rent prices increased 2.4 percent since October 2023, up from last year’s 1.8 percent growth. Low-end rent prices increased two percent in October, a slowdown from the 3 percent seen at the same time last year.

—Posted on December 30, 2024

Annual U.S. rent growth registered a 2 percent increase in September, continuing a slowing trend that began in early 2024, but is well below the average annual rent growth of 3.5 percent that occurred in the decade prior to the pandemic. High-end price growth (2.6 percent) slightly outstripped low-end gains, a sign that some renters are leveraging advantageous economic conditions to upgrade—including wages that are up by 40 percent since last September.

The CoreLogic Single-Family Rent Index analyzes data across four price tiers: Lower-priced, which represent rentals with prices 75 percent or below the regional median; lower-middle, 75 to 100 percent of the regional median; higher-middle, 100 to 125 percent of the regional median; and higher-priced, 125 percent or more above the regional median.

Read CoreLogic’s full SFRI report, which features commentary from Principal Economist Molly Boesel.

—Posted on November 27, 2024

U.S. annual single-family rent growth remained below 3 percent in August, but was still up by 33 percent since the beginning of the pandemic. Expensive coastal metros led the country for gains, and although Sun Belt markets are no longer as hot as they once were, some of those areas have put up significant increases over the past four years, including Miami (55 percent), Orlando (41 percent), as well as Phoenix and Tucson (both 38 percent).

U.S. single-family rent prices were up by 2.4 percent year over year in August, the lowest rate of growth recorded since last fall. Detached rental prices rose by 2.3 percent from August 2023, compared with 2 percent for attached properties. High-end rental prices were up by 2.9 percent year-over-year in August, while low-end prices declined by -0.2 percent.

The CoreLogic Single-Family Rent Index analyzes data across four price tiers: Lower-priced, which represent rentals with prices 75 percent or below the regional median; lower-middle, 75 percent to 100 percent of the regional median; higher-middle, 100 percent-125 percent of the regional median; and higher-priced, 125 percent or more above the regional median.

Read CoreLogic’s full SFRI report, which features commentary from Principal Economist Molly Boesel.

—Posted on October 30, 2024

National year-over-year rent growth continues to hold steady but remains below average pre-pandemic levels. In July 2024, prices remained relatively stable, posting a 2.8 percent gain year-over-year. This represents a -0.1 percent drop from June 2024. By comparison, prior to 2020, single-family rent growth increased between 2 percent to 4 percent for nearly a decade, averaging 3.4 percent.

High-end rents increased 2.9 percent year-over-year in July, a considerable uptick from the 1.8 percent year-over-year gain seen in July 2023. Low-end rent prices dropped 0.2 percent year over year in July—a marked turn from the 4.2 percent year-over-year gain seen in July of last year. Rent growth for detached rentals was 2.6 percent in July, while attached rentals saw rents rise slightly higher, to 2.8 percent.

Of the top 20 CBSA that CoreLogic tracks, eight posted gains of 4 percent or greater, and seven metro areas had median rents above $3,000.

Of the 20 metros shown, Washington D.C. posted the highest year-over-year increase in single-family rents in July 2024, at 6.3 percent. Chicago came in second with 5.6 percent growth year-over-year, followed by Seattle (5.4 percent), Boston (5.2 percent) and Detroit (5.0 percent). Two metros posted decreases: Austin, Texas rent prices fell by 1.1 percent and Phoenix, Arizona rent prices fell by 0.8 percent from July of last year.

Click here to read CoreLogic’s full SFRI report with July 2024 data, which features commentary from Principal Economist Molly Boesel.

—Posted on September 30, 2024

Single family rent growth, year-over-year — A collection of rent growth averages across the single-family rental sector. Data courtesy of CoreLogic

National year-over-year rent growth is returning to pre-pandemic rates as prices continue to hold steady.
In June 2024, prices remained relatively stable, posting a 2.9 percent gain year-over-year. Monthly increases have also tempered, rising 1.0 percent between May 2024 and June 2024, which is about equal to the average rental price gain of 0.9 percent year-over-year, recorded between 2004 and 2019.

Although rental prices are growing slowly—this time last year, annual rent increases were 2.8 percent— they continue their steady climb. Of the top 20 CBSA that CoreLogic tracks, eight posted gains above
4 percent and seven metro areas had median rents above $3,000. Nevertheless, as the U.S. unemployment rate continues to inch up and housing affordability remains near an all-time low, single-family rentals remain an appealing option for many households.

Year-over-year rent growth across tiers

Lower-priced (75 percent or less than the regional median): up 1.2 percent, down from 5.3 percent in May 2023
Lower-middle priced (75 percent to 100 percent of the regional median): up 3.4 percent, down from 3.8 percent in May 2023
Higher-middle priced (100 percent to 125 percent of the regional median): up 3.3 percent, up from 3.1 percent in May 2023
Higher-priced (125 percent or more than the regional median): up 3.3 percent, up from 1.6 percent in May 2023
Attached versus detached: Attached single-family rental prices rose by 2.8 percent year-over-year in May, compared to the 3.6 percent increase for detached rentals.

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.

Read CoreLogic’s full SFRI report, which features commentary from Principal Economist Molly Boesel.

—Posted on August 27, 2024

CoreLogic Inc.