- Single-family rental gains were up by 3% in April from a year ago, while the March to April increase was above average.
- Rent growth for attached properties (such as condominiums) continue to lose steam, posting a year-over-year decline of -0.5%.
- St. Louis — the least expensive of the tracked markets with a March median monthly rent of $1,616 — led the country for annual rent growth at 6.3%. The other four rental markets in the top five for gains had monthly rental costs of more than $3,200.
IRVINE, Calif., June 18, 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 remained in the same range as it has for most of the past year in April, putting up a 3% gain. All four price tiers saw growth in line with the U.S. average, with only the high tier posting an increase from one year earlier.
For the second straight month, attached rentals saw annual depreciation, while detached rental growth was slightly stronger than the national average. The decrease in the attached segment is being driven by a subset of markets, mostly those in Florida, but including Austin, Texas; New Orleans and Phoenix. As multifamily apartments are being completed, some markets are gaining increased rental supply, which competes with the attached segment of the single-family rental market. These trends could signify that even after the pandemic, Americans who rent want more personal space and are willing to pay more for it if their budgets allow. Also, the high cost of homeownership is likely causing some households to stay in single-family rentals.
“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.”
To gain a detailed view of single-family rental prices across different market segments, CoreLogic examines four tiers of rental prices and two property-type tiers. National single-family rent growth across those tiers, and the year-over-year changes, were as follows:
- Lower-priced (75% or less than the regional median): up 3.1%, down from 6% in April 2023
- Lower-middle priced (75% to 100% of the regional median): up 3.5%, down from 4.2% in April 2023
- Higher-middle priced (100% to 125% of the regional median): up 3.3%, down from 3.6% inApril 2023
- Higher-priced (125% or more than the regional median): up 3.2%, up from 1.8% inApril 2023
- Attached versus detached: Attached single-family rental prices declined by -0.5% year over year in April, compared with the 3.3% increase for detached rentals.
Of the 20 metros shown in Table 1, St. Louis posted the highest year-over-year increase in single-family rents in April 2024, at 6.3%. New York registered the second-highest annual gain at 5.6%, followed by Boston at 5.4%. Miami (-1.8%) and Austin, Texas (-1%) posted annual rental price losses.
The next CoreLogic Single-Family Rent Index will be released on July 16, 2024, featuring data for May 2024. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www-corelogic-com.corelogicstg.wpengine.com/intelligence.




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
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