Detroit has emerged as the top city for single-family rental (SFR) price growth in the U.S., reporting a remarkable 6.1% increase in November 2024. This growth is linked to the city's affordability, with the median rent for a three-bedroom home at $1,777, making it one of the few metros with monthly costs below $2,000. In contrast, major cities like Washington, D.C. and New York also showed annual growth but at lower rates. The overall SFR market has surpassed apartment rentals in cost, driven by high mortgage rates pushing potential buyers into the rental sector.
Detroit leads the nation in single-family rental (SFR) price growth with an annual increase of 6.1%, indicating strong demand for affordable housing in the Midwest.
CoreLogic attributes the significant price growth in Detroit to its affordability, noting that the median rent for a three-bedroom home remains under $2,000.
Detached SFRs have outpaced attached SFRs in price growth, as higher mortgage rates compel potential buyers to the rental market.
In comparison, the national average monthly rent for SFRs is $2,174, significantly higher than the $1,812 for apartments, highlighting a shift in rental preferences.
Collection
[
|
...
]