CoreLogic: U.S. Single-Family Rents Grew 3% in April

(Image courtesy of CoreLogic; Oleksandr P/

Single-family rents nationwide grew 3% year-over-year in April, CoreLogic, Irvine, Calif., reported, consistent with growth recorded over the past year.

“Annual single-family rent growth has solidified over the past few months, increasing at roughly the long-term trend,” said Molly Boesel, Principal Economist for CoreLogic. “However, monthly single-family rent growth gained momentum and was higher than usual for April. At the current rate, rents are poised to grow by roughly 3% through the end of 2024.”

By tier, rents showed the following year-over-year changes:

Lower-priced rentals, defined as 75% or less than the regional median, were up 3.1%, down from 6% in April 2023.

Lower-middle priced rentals, defined as 75% to 100% of the regional median, were up 3.5%, down from 4.2% in April 2023.

Higher-middle priced rentals, defined as 100% to 125% of the regional median, were up 3.3%, down from 3.6% in April 2023.

Higher-priced rentals, defined as 125% or more than the regional median, were up 3.2%, up from 1.8% in April 2023.

Attached single-family rental prices actually declined by 0.5% in April. However, detached rentals were up 3.3%.

CoreLogic noted that’s the second straight month of annual depreciation for attached rentals, and attributed that in parts to trends in some markets such as Austin, Texas; New Orleans and Phoenix.

More apartments are being completed in such markets, competing with the attached segment of the single-family rental market.

By metro area, St. Louis posted the highest year-over-year increase in single-family rents, at 6.3%. New York was the second highest at 5.6%. Boston, at 5.4%, rounded out the top three.

Miami, down 1.8%, and Austin, down 1%, posted annual single-family rental price losses.