CoreLogic: October Single-Family Rent Index Shows Slower Growth

(Image courtesy of CoreLogic)

CoreLogic, Irvine, Calif., released its Single-Family Rent Index for October, finding year-over-year rent growth slipped to 2.5%.

That’s the lowest price growth since the summer of 2020, but cumulative increases have grown rent almost 30% since February 2020.

“Single-family rent increases continued to moderate in October, slowing to the lowest annual growth rate in more than three years,” said Molly Boesel, Principal Economist for CoreLogic. “In addition, this marked the largest drop between September and October in more than a decade. While slowing rent growth is welcome news for tenants, affordability has suffered over the past few years, with median single-family rents increasing by about $500 nationally since February 2020.”

Looking at different market segments:

• Lower-priced units–defined as 75% or less than the regional median–were up 3.3%, down from 11% in October 2022.
• Lower-middle priced units–defined as 75% to 100% of the regional median–were up 3%, down from 9.8% in October 2022.
• Higher-middle priced units–defined as 100% to 125% of the regional median–were up 2.6%, down from 8.8% in October 2022.
• Higher-priced units–defined as 125% or more than the regional median–were up 1.8%, down from 7.4% in October 2022.
• Attached single-family rental prices grew by 3% year-over-year in October, compared with 2.1% for detached rentals.