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Home / Intelligence / Annual US Single-Family Rent Price Growth Falls to Single Digits in October, CoreLogic Reports

ABOUT THE AUTHOR
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  • December 20, 2022

Annual US Single-Family Rent Price Growth Falls to Single Digits in October, CoreLogic Reports

  • Nationwide, rent prices were up by 8.8% year over year in October, the lowest rate of growth recorded since June 2021
  • Three of four tracked price tiers posted lower rental cost increases than in October 2021, with only the lowest tier seeing a 1.3 percentage point acceleration in growth
  • Miami continued to lead the country for rent growth, posting nearly double the national increase

IRVINE, Calif., December 20, 2022—CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas.

U.S. rental price growth slowed for the sixth straight month on an annual basis in October to 8.8%, the lowest rate of appreciation in more than a year but still three times higher than the pre-pandemic level. Despite the continued cooling, a shortage of available properties is keeping costs elevated, a trend that is partially fueling year-over-year gains in the lower-priced tier. Miami led the nation for rent growth for the 15th consecutive month at 16.3%, but gains there have slowed dramatically since the spring when they hit 40.8%.

“Single-family rents decreased again on a monthly basis in October but were still up year over year,” said Molly Boesel, principal economist at CoreLogic. “While rents typically experience a seasonal decline in October, this year’s decrease was larger than average and could point to prices slowing more sharply than expected in the coming months.”

To gain a detailed view of single-family rental prices, CoreLogic examines four tiers of rental prices. 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): 11%, up from 9.7% in October 2021
  • Lower-middle priced (75% to 100% of the regional median): 9.9%, down from 10.3% in October 2021
  • Higher-middle priced (100% to 125% of the regional median): 8.8%, down from 11.4% inOctober 2021
  • Higher-priced (125% or more than the regional median): 7.5%, down from 11.4% in October 2021

Of the 20 metro areas shown in Table 1, Miami posted the highest year-over-year increase in single-family rents in October 2022, at 16.3%. Orlando, Florida recorded the second-highest gain at 15.5%, while Boston ranked third at 12.1%. Honolulu saw the lowest annual rent price gain at 4.8%.

Differences in rent growth by property type emerged after COVID-19 took hold, as renters sought standalone properties in lower-density areas. This trend drove an uptick in rent growth for detached rentals in 2021, while the gains for attached rentals were more moderate. As single-family rent prices continued growing rapidly, preferences for attached rentals began to emerge in early 2022, and by summer, they had higher increases than detached properties. Attached single-family rental prices grew 9.5% year over year in October compared to the 7.6% increase for detached rentals.

The next CoreLogic Single-Family Rent Index will be released on January 17, 2023, featuring data for November 2022. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence.

Figure 1: National Single-Family Rent Index Year-Over-Year Percent Change By Price Tier
Figure 2: Single-Family Rent Index Year-Over-Year Percent Change in 20 Markets
Figure 3: Single-Family Attached vs. Detached Rental Price Growth
Table 1: Single-Family Rent Change for Select Geographical Areas

Methodology

The single-family rental market accounts for half of the rental housing stock, yet unlike the multifamily market, which has many different sources of rent data, there are minimal quality adjusted single-family rent transaction data. The CoreLogic Single-Family Rent Index (SFRI) serves to fill that void by applying a repeat pairing methodology to single-family rental listing data in the Multiple Listing Service. CoreLogic constructed the SFRI for close to 100 metropolitan areas — including 47 metros with four value tiers — and a national composite index. The indices are fully revised with each release to signal turning points sooner.

The CoreLogic Single-Family Rent Index analyzes data across four price tiers: Lower-priced, which represent rentals with prices 75% or below the regional median; lower-middle, 75% to 100% of the regional median; higher-middle, 100%-125% of the regional median; and higher-priced, 125% or more above the regional median.

Median rent price data is produced monthly by CoreLogic RentalTrends. RentalTrends is built on a database of more than 11 million rental properties (over 75% of all U.S. individual owned rental properties) and covers all 50 states and 17,500 ZIP codes.

Source: CoreLogic

The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data contact Robin Wachner at newsmedia@corelogic.com. For sales inquiries, please contact sales@corelogic.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.

Media Contact

Robin Wachner
CoreLogic
newsmedia@corelogic.com

Sales Contact

sales@corelogic.com

© 2022 CoreLogic,Inc., All rights reserved.
  • Category: Blogs, Intelligence, Reports, Single Family Rent Index
  • Tags: Single-Family Rent Index
ABOUT THE AUTHOR
Economy Team
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