Annual Single-family Rent Growth Drops to Lowest Level in 3 Years: CoreLogic 

Originally published on November 21, 2023, by the Economy Team at CoreLogic.

  • Nationwide, single-family rent prices increased by 2.6% year over year in September.
  • Rental costs declined by -0.2% from August to September, which is in line with seasonal trends recorded over the 15 years before the pandemic.
  • Lower-priced rental gains have outpaced the high-priced tier over the last three years.
  • St. Louis led the nation for annual rent growth, while Austin, Texas; Las Vegas, and Miami again posted declines.

CoreLogic®, a leading global property information, analytics, and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas.  

Annual U.S. single-family rent growth dropped to the lowest level in three years in September, but the 2.6% increase is down only slightly from the pre-pandemic average. Relatively affordable metro areas continue to gain momentum, with St. Louis again leading the country for year-over-year rental cost hikes. Meanwhile, Miami — which led the U.S. for rent increases one year ago at almost 20% — was one of three U.S. markets to see prices decline annually in September. A recent CoreLogic analysis shows that single-family rental costs in Miami consumed more than half of the area’s median income, making it the second-least affordable major metro in the country.

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