CoreLogic: Single-Family Rents Grew 2.4% in August

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

CoreLogic, Irvine, Calif., found U.S. single-family rents grew 2.4% year-over-year in August. However, that’s the lowest rate of growth since last fall, CoreLogic noted.

It dropped 0.2% from July.

“Single-family rent growth slowed in August from both a year and a month ago,” said CoreLogic Principal Economist Molly Boesel. “The monthly drop in single-family rents of 0.2% was notable as it was contrary to the typical August increase of 0.3% and therefore points to quickly decelerating single-family rents. However, some metro areas bucked the national trend–the top metros in rent growth in August all had accelerating gains from a year ago.”

High-end rental prices rose 2.9% year-over-year, and low-end prices fell by 0.2%.

Detached rental prices were up 2.3% and attached property rental prices rose 2%.

Of the top 20 markets CoreLogic tracked, Seattle showed the highest year-over-year increase in August, at 5.8%. Next was New York, at 5.5%, and Washington D.C., also at 5.5%.

Austin, Texas, posted the only decrease–down by 2.3%–and Phoenix was flat year-over-year.

Overall, single-family rent is up 33% since the beginning of the pandemic. In some areas, it’s up by even more–including Miami (up 55%), Orlando, Fla., (up 41%), Phoenix (up 39%) and Tucson, Ariz. (up 38%).