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Report: Single-Family Rents Return to Pre-Pandemic Levels

Home Industry News
By RISMedia Staff
July 19, 2023
Reading Time: 2 mins read
Report: Single-Family Rents Return to Pre-Pandemic Levels

Single-family annual rent growth continued to slow in May, ending the month at 3.4%, according to new data from CoreLogic. 

CoreLogic’s Single-Family Rent Index for May found that despite the past year’s continuously slowing rent growth, the overall rate of increase is roughly back to its pre-pandemic norm recorded between 2010 and 2019.

The report examines four tiers of rental prices to gain a detailed view of single-family rents. The national single-family rent growth across the four tiers, and the year-over-year changes, were as follows:

  • Lower-priced (75% or less than the regional median): up 5.6%, down from 14.4% in May 2022
  • Lower-middle priced (75% to 100% of the regional median): up 4.3%, down from 14.8% in May 2022
  • Higher-middle priced (100% to 125% of the regional median): up 3.7%, down from 14.9% in May 2022
  • Higher-priced (125% or more than the regional median): up 2.1%, down from 13% in May 2022
  • Attached versus detached: Attached single-family rental prices grew by 4.2% year-over-year in May compared with the 2.5% increase for detached rentals

Major takeaway:

Of the 20 metros the report tracks, Chicago posted the highest year-over-year increase in single-family rents at 6.6%. Charlotte, North Carolina, registered the second-highest annual gain at 5.9%, followed by Boston and New York (both 5.7%). Las Vegas saw an annual rent price decline of -1.3%.

“After increasing at an accelerated pace for more than two years, annual single-family rent growth returned to the pre-pandemic rate in May,” said Molly Boesel, principal economist for CoreLogic. “High inflation may be affecting renters’ abilities to absorb continually higher monthly payments, which could be keeping year-over-year rent increases relatively low. However, even in the current economic environment, monthly single-family rent increases returned to a typical seasonal pattern in February of this year, suggesting that single-family rents are poised to continue increasing throughout 2023.”

For the full report, click here.

Tags: CoreLogicHousing AffordabilityHousing MarketMLSNewsFeedRent GrowthRent PricesRental MarketSingle-FamilySingle-Family Rent Index
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