Rent growth is returning to pre-pandemic rates in the single-family rental space, as prices continue to hold steady, according to CoreLogic's latest Single-Family Rent Index (SFRI). Although rent prices are increasing slowly, they continue to steadily climb.

Single-family rental prices rose 2.9% year over year in June, equal to the previous month's gains, said CoreLogic. That compares with rent increases of 2.8% from June 2022 to June 2023. Monthly increases rose 1% between May and June, about equal to the average rental price gain of 0.9% year over year between 2004 and 2019.

Of the 20 core-based statistical areas CoreLogic tracks, eight posted gains of more than 4% and seven metro areas had median rents exceeding $3,000. The Washington, DC, metro area led the country for annual rent growth at 6.5%. Seattle followed with annual rent growth of 6.1% and New York rounded out the top three with rent growth of 5.4%. Meanwhile, Phoenix and Austin, Texas, both posted annual rental price losses, according to the SFRI.