CoreLogic: Year-Over-Year Rent Growth at 2.6% in January
(Image courtesy of CoreLogic)
CoreLogic, Irvine, Calif., released its single-family rent index, showing single-family rental costs increased by 2.6% year-over-year in January.
That’s a drop from the year-over-year gain recorded in January 2023, at 5.5%.
Annual growth has remained below the 3% level since last summer. However, that’s after a period of significant growth–overall growth since February 2020 is about 28%.
“While annual U.S. single-family rent growth was a moderate 2.6% in January, that increase built on years of above-trend annual gains,” said Molly Boesel, principal economist for CoreLogic. “Furthermore, while rent growth is slowing, costs are still increasing across most of the country. The median rent on a three-bedroom property increased by over $100 in the past year and by more than $500 in the past three years.”
By tier:
• Lower-priced (defined as 75% or less than the regional median) was up 2.9%. That’s compared with 8.5% in January 2023.
• Lower-middle priced (defined as 75% to 100% of the regional median) was up 3.1%, down from 6.6% in January 2023.
• Higher-middle priced (defined as 100% to 125% of the regional median) is up 3.1%, down from 5.8% in January 2023.
• Higher-priced (defined as 125% or more than the regional median) is up 3%, compared with 4.3% in January 2023.
• Attached single-family rental prices grew by 2.8% year-over-year in January, compared with a 3% increase in detached rentals.