CoreLogic: Single-Family Rent Growth Continues Stable Pace

(Image courtesy of CoreLogic)

CoreLogic, Irvine, Calif., in its latest Single-Family Rent Index, found national single-family rent growth remained stable in November at 2.7%.

While that’s below recent years’ explosive growth, it’s more in line with numbers seen pre-pandemic.

“More than three years of increasing U.S. single-family rents and the rising costs of other goods have made many renters sensitive to the cost of living,” said Molly Boesel, principal economist for CoreLogic. “Many renters are renewing their current leases, and others who are moving are seeking lower-priced alternatives.”

Broken down by segment:

• Lower-priced rentals (defined as 75% or less than the regional median) were up 2.9%, compared with 10.1% in November 2022.
• Lower-middle priced rentals (defined as 75% to 100% of the regional median) were up 2.9%, compared with 8.2% in November 2022.
• Higher-middle priced rentals (defined as 100% to 125% of the regional median) were up 2.7%, compared with 7.4% in November 2022.
• Higher-priced rentals (defined as 125% or more than the regional median) were up 2.1%, compared with 6.3% in November 2022.

Attached versus detached: Attached grew by 3.3% year-over-year and detached by 2.3%.

On a geographic basis, rental demand has picked up on the pricier East and West Coasts. The Boston, New York, San Diego and San Francisco metros all were among the top for annual gains in November. Minneapolis rounded out the top five.