US Single-Family Rent Index—September 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