The rental market is undergoing a noticeable shift as rents for both apartments and single-family homes experience a noticeable slowdown.
This is according to an annual report compiled by Rentometer from 2024, which found average single-family rents rose to $2,357 but the pace of rent growth slowed significantly. After increasing 7.1% year-over-year in 2022 and 4% in 2023, rent growth slowed to 0.8% last year, the smallest annual increase in recent years.
“While the beginning of the year signaled another period of strong rent price increases for the single-family rental market, the pace of growth dwindled as the year progressed, ending in negative territory during the last quarter with rents dropping by 0.21% compared to the same period in 2023.”
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