January's rent increase is slightly higher than December, rising to 2.1% but lower than the 2.6% growth seen the previous January. CoreLogic reports that January's growth, while above typical winter fluctuations, marks a rebound from lower cycles. Luxury rents have increased by 3.2% year-over-year, indicating strong demand in the high-end market, while low-end homes saw a smaller increase of 1.9%. The Washington, D.C. market notably led in rent growth at 6.4%, with the outlook for the luxury sector remaining robust heading into 2025.
January's rent growth is slightly higher than what I’d expect in the opening month of the year. Annual single-family rent growth in January ticked up from what may have been the cycle low point in December 2024, indicating a trend toward renewed pressure on renters.
Single-family rents for high-end luxury homes continued their upward movement from December 2024, with prices for high-end rentals 3.2% higher than a year ago, signaling a robust luxury market poised for success in 2025.
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