CoreLogic Reports 2.8% Year-Over-Year Single-Family Rent Growth in July 2024, Led by Washington D.C. at 6.3%

IRVINE, Calif., Sept. 19, 2024 — 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.   

National year-over-year rent growth continues to hold steady but remains below average pre-pandemic levels. In July 2024, prices remained relatively stable, posting a 2.8% gain year over year. This represents a -0.1% drop from June 2024. By comparison, prior to 2020, single-family rent growth increased between 2% to 4% for nearly a decade, averaging 3.4%.

High-end rents increased 2.9% year over year in July, a considerable uptick from the 1.8% year-over-year gain seen in July 2023. Low-end rent prices dropped 0.2% year over year in July — a marked turn from the 4.2% year-over-year gain seen in July of last year. Rent growth for detached rentals was 2.6% in July, while attached rentals saw rents rise slightly higher, to 2.8%. 

“On the surface, single-family rent growth in July could be characterized as ‘average,’ with the annual and monthly national changes roughly equal to long-term levels,” said Molly Boesel, principal economist for CoreLogic. “However, a deeper look reveals that rent changes slowed at the lowest end of the market, dropping 0.2% in July from a year earlier. While this drop might be due to a strong year-ago comparison, it is most likely a welcome relief to renters looking for rentals in the lower-priced end of the market.” 

Of the top 20 CBSA that CoreLogic tracks, eight posted gains of 4% or greater, and seven metro areas had median rents above $3,000.  

Of the 20 metros shown in Table 1, Washington D.C. posted the highest year-over-year increase in single-family rents in July 2024, at 6.3%. Chicago came in second with 5.6% growth year over year, followed by Seattle (5.4%), Boston (5.2%) and Detroit (5.0%). Two metros posted decreases: Austin, Texas rent prices fell by 1.1% and Phoenix, Arizona rent prices fell by 0.8% from July of last year. 

The next CoreLogic Single-Family Rent Index is scheduled to be released on October 17, 2024, featuring data for August 2024. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog. 

Methodology 

The single-family rental market accounts for half of the rental housing stock, yet unlike the multifamily market, which has many different sources of rent data, there are minimal quality adjusted single-family rent transaction data. The CoreLogic Single-Family Rent Index (SFRI) serves to fill that void by applying a repeat pairing methodology to single-family rental listing data in the Multiple Listing Service. The rental listings used to calculate the index include both attached and detached single-family homes, as well as condominiums. CoreLogic constructed the SFRI for close to 100 metropolitan areas — including 43 metros with four value tiers — and a national composite index. The indices are fully revised with each release to signal turning points sooner. 

The CoreLogic Single-Family Rent Index analyzes data across four price tiers: Lower-priced, which represent rentals with prices 75% or below the regional median; lower-middle, 75% to 100% of the regional median; higher-middle, 100%-125% of the regional median; and higher-priced, 125% or more above the regional median. 

Median rent price data is produced monthly by CoreLogic Rental Trends. Rental Trends is built on a database of more than 11 million rental properties (over 75% of all U.S. individual owned rental properties) and covers all 50 states and 17,500 ZIP codes. 

 
Source: CoreLogic  

The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data contact Robin Wachner at [email protected]. For sales inquiries, please visit https://www-corelogic-com.corelogicstg.wpengine.com/support/sales-contact/. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources. 

About CoreLogic 

CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences that build better relationships, strengthen businesses and ultimately create a more resilient society. For more information, please visit www-corelogic-com.corelogicstg.wpengine.com. 

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.  

# # #