CoreLogic: Single-Family Rents Continue to Grow in June

(Image courtesy of CoreLogic; Breakout image courtesy of Pixabay/pexels.com)

CoreLogic, Irvine, Calif., reported single-family rental prices increased 2.9% year-over-year in June, similar to gains notched the month before.

On a monthly basis, prices were up 1%, in line with average gains between 2004-2019.

“Single-family rents have been bouncing around their pre-pandemic rate of growth of about 3% this year after growing by double digits for most of 2021 and 2022. At the end of 2023, they did slow to the mid-2% range,” said Molly Boesel, Principal Economist for CoreLogic. “While single-family rents are increasing at a stable rate, median rent continues to rise and has increased over $300 over the past two years.” 

CoreLogic broke the prices out by market segment.

Lower-priced rentals, defined as 75% or less than the regional median, were up 1.9%, compared with 4.7% in June 2023.

Lower-middle priced rentals, defined as 75% to 100% of the regional median, were up 3.3%, compared with 3.4% in June 2023.

Higher-middle priced rentals, defined as 100% to 125% of the regional median, were up 3%, compared with 2.8% in June 2023.

Higher-priced rentals, defined as 125% or more of the regional median, were up 3.1%, compared with 1.6% in June 2023.

Attached single-family rental prices were up 2.6% year-over-year, and detached were up 2.8%.

The highest year-over-year increase in areas CoreLogic analyzed was in Washington, D.C., at 6.5%, followed by Seattle at 6.1% and New York at 5.4%.

Single-family rents dropped in Phoenix (by 0.8%) and Austin, Texas (by 0.6%).