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

(Image courtesy of CoreLogic)

CoreLogic, Irvine, Calif., found single-family rent growth was consistent with pre-pandemic trends in December, with a 2.8% increase year-over-year.

“Strong rent growth in the summer propelled the annual gain, while monthly increases in the fourth quarter showed rents falling slightly more than is typical for the season. Single-family rent growth should remain in the range of about 2% to 4% for 2024,” said Molly Boesel, Principal Economist for CoreLogic.

In terms of tiers:

• Lower-priced rentals (defined as 75% or less than the regional median) were up 3.1%. They were up 9.2% in December 2022.
• Lower-middle priced (defined as 75-100% of the regional median) were up 3.2%, compared with 7.4% in December 2022.
• Higher-middle priced (defined as 100-125% of the regional median) were up 3.3%, down from 6.6% in December 2022.
• Higher-priced rentals (defined as 125% or more than the regional median) were up 2.6%, compared with 5.2% the previous year.
• Attached single-family rentals were up 3.3% year-over-year, compared with 2.7% for detached.

CoreLogic’s Single-Family Rent Index found the largest year-over-year rent increase for tracked metro areas was in San Francisco, where rents gained 6.2%. Tucson, Ariz., was next at 5.5%, and notably the only metro in the top five where the median cost is less than $3,000 per month.

Despite trends over recent years, Austin and Miami both recorded drops, at 2.2% and 1.2% respectively.