CoreLogic: Single-Family Rental Prices Up 2.8% in July

CoreLogic, Irvine, Calif., reported single-family rental prices grew 2.8% year-over-year in July.

That’s steady growth, but down slightly from June’s numbers and below pre-pandemic levels. Prior to 2020, year-over-year single-family rent growth averaged 3.4%.

“On the surface, single-family rent growth in July could be characterized as ‘average,’ with the annual and monthly national changes roughly equal to long-term levels,” said Molly Boesel, Principal Economist for CoreLogic. “However, a deeper look reveals that rent changes slowed at the lowest end of the market, dropping 0.2% in July from a year earlier. While this drop might be due to a strong year-ago comparison, it is most likely a welcome relief to renters looking for rentals in the lower-priced end of the market.”

Broken down by type, high-end rents were up 2.9% year-over-year in July, compared with a 1.8% year-over-year gain in July 2023.

Low-end rent prices fell 0.2% year-over-year however, a contrast from the 4.2% gain notched in the year-ago period.

Rent growth for detached rentals was 2.6%, and attached rentals’ prices rose by 2.8%.

Of the 20 metro areas highlighted, Washington, D.C., showed the highest year-over-year increase in single-family rents at 6.3%. Chicago was No. 2 at 5.6%, followed by Seattle (5.4%), Boston (5.2%) and Detroit (5%).

Single-family rent prices fell in Austin, Texas (by 1.1%) and Phoenix (by 0.8%).