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Home / Intelligence / CoreLogic: US Annual Rent Price Growth Dropped by Nearly Half in December

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  • February 21, 2023

CoreLogic: US Annual Rent Price Growth Dropped by Nearly Half in December

  • U.S. single-family rental price growth rose by 6.4% year over year in December 2022, compared with the 12.1% gain recorded in December 2021
  • Rental price gains have risen by about an average of $300 over the past two years
  • Orlando, Florida and Miami again posted the highest U.S. annual rental cost increases, while Phoenix saw the lowest growth

IRVINE, Calif., February 21, 2023—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.  

Rent price gains declined in December for the eighth straight month on an annual basis, but the 6.4% national increase remained higher than pre-pandemic levels. Although major tech company layoffs are making headlines, a still relatively healthy U.S. job market is keeping rent prices elevated, with the national unemployment rate hovering near a decade low in December. The job market’s impact on rental price growth has been particularly evident in cities like Miami, which led the country for annual increases throughout most of 2022. Miami’s unemployment rate was 1.6% in December, the lowest of the 20 metros for which CoreLogic publishes rental cost data.

“U.S. single-family rental price growth closed out 2022 at about half of what it was one year ago,” said Molly Boesel, principal economist at CoreLogic. “However, while rent growth has been slowing, it still rose at more than double the pre-pandemic rate. Rental price gains began increasing near the end of 2020 and have risen by about an average of $300 in the past two years. Annual single-family rent growth is projected to slow throughout 2023, but it will likely not decline by enough to wipe out gains from the past two years.”

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): 9.2%, down from 11.3% in December 2021
  • Lower-middle priced (75% to 100% of the regional median): 7.2%, down from 12.5% in December 2021
  • Higher-middle priced (100% to 125% of the regional median): 6.3%, down from 12.5% inDecember 2021
  • Higher-priced (125% or more than the regional median): 5.1%, down from 11.9% in December 2021

Of the 20 metro areas shown in Table 1, Orlando, Florida posted the highest year-over-year increase in single-family rents in December 2022, at 10.8%. Miami recorded the second-highest gain at 9.9%, while Boston ranked third at 9%. Phoenix saw the lowest annual rent price gain at 1.2%.

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 7% year over year in December compared to the 5.4% increase for detached rentals.

The next CoreLogic Single-Family Rent Index will be released on March 21, 2023, featuring data for January 2023. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence.

CoreLogic's December 2022 chart of annual U.S. single-family rental price gains by tier
CoreLogic's December 2022 chart of annual rental price gains in 20 major U.S. metro areas
CoreLogic's December 2022 chart for attached U.S> single-family rental price gains compared with detached properties
CoreLogic's chart of December 2022 annual rental price gains in 20 U.S. metro areas and median rent price in November 2022

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

© 2023 CoreLogic,Inc., All rights reserved.
  • Category: Blogs, Intelligence, Office of the Chief Economist, Single Family Rent Index
  • Tags: Single-Family Rent Index
ABOUT THE AUTHOR
Economy Team
Economy Team
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