US Single-Family Rent Index—July 2024

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

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 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 May 2024 SFRI report, which features commentary from Principal Economist Molly Boesel.