Rent growth for single-family homes is slowing across the nation, including in key rental metros, a new report from CoreLogic shows.
Growth was below trend for both annual and monthly rate increases in October. The annual rate fell from 2.3% in 2023 to 1.7% -- its lowest rate since June 2020 and below the average 3% growth rate over a decade.
The monthly growth rate dropped 1.5%, compared to the average 0.5% dip from 2004-2019.
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However, in some markets single-family rent growth, normally slow, perked up in October. In Detroit, annual rent growth climbed 6% to lead the nation, and in Washington, DC it rose 4.5%.
In other metros, especially in the South and West, rent growth headed downward after what the report described as “red-hot rent growth since 2022.” Annual single-family rent growth fell by 3% in Austin in October, 1.2% in Phoenix, 1.1% in Orlando, and 1% in Dallas.
“High-end rent prices increased 2.4% since October 2023, up from last year’s 1.8% growth. Low-end rent prices increased 2.0% in October, a slowdown from the 3.0% seen at the same time last year,” CoreLogic reported.
Its analysis also showed that detached rental price growth was 1.8% in October, well above the gain of just 0.8% for attached properties.
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