Single-family rents were up by 3% year over year in April, remaining within the same range it has hovered around for most of the past year.
That’s according to CoreLogic’s most recent Single-Family Rent Index (SFRI) report, which noted that the rent appreciation in each of the four price tiers defined by CoreLogic was in line was comparable to growth on an overall level.
“Annual single-family rent growth has solidified over the past few months, increasing at roughly the long-term trend. … At the current rate, rents are poised to grow by roughly 3% through the end of 2024,” said Molly Boesel, principal economist for CoreLogic.
Boesel did note that monthly single-family rent growth picked up steam in April, exceeding the historical average.
Also of note: While rent growth has cooled meaningfully in every other tier from last year, rents in higher-priced properties (priced 125% or more than the regional median) posted an increase in appreciation from last year. Rents in higher-pried single-family rentals were up 3.2% in April, up from 1.8% in April 2023. In lower-priced rentals (75% or less than the regional median), rents were up 3.1%, nearly half the 6% rate of growth from April last year. Lower-middle priced (75% to 100% of the regional median) were up 3.5%, down from 4.2% in April 2023, while higher-middle priced (100% to 125%) property rents were up 3.3%, down from 3.6% in April last year.
Attached rentals logged year-over-year rent depreciation for the second straight month, declining by 0.5% year over year. The decrease is being driven by falling rents in several Sun Belt markets, including Austin, New Orleans, Phoenix and a number of Florida cities. CoreLogic noted that rent prices for attached rentals may be being pulled down because of increased supply in multifamily apartments, which directly compete with attached single-family rental properties.
