According to CoreLogic, single-family rental properties posted a rent-price growth of only 2% for the year ending in September 2024, down from 2.4% in August, marking the slowest annual growth rate in over four years. This trend indicates a significant deceleration in single-family rental price growth, impacting both renters and the market as a whole.
Molly Boesel, CoreLogic’s principal economist, commented that while some metropolitan areas still showed stronger rent growth, the overall decline in rent growth signals a market cooling. Specifically, she noted that a slowing in rental prices could be perceived positively by renters amid rising housing costs seen since 2020.
CoreLogic highlighted that while rent growth has fallen, increases since 2020 still exceed 32%, reflecting persistent affordability challenges. Particularly, certain markets like Texas, California, and Florida are experiencing SFR price depreciation, suggesting uneven recovery across different regions of the country.
Among the 20 metro areas analyzed, Detroit reported the highest annualized market growth in SFR at 5.2%, showing a stark contrast from other markets struggling with price reductions. This indicates significant variation in rental dynamics across U.S. cities, with some regions thriving while others face declines.
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