Annual U.S. rent growth increased at the slowest pace in 14 years this month, only climbing 1.5% year over year. However, there are pockets of the U.S. where rent growth is substantial. Detroit is one such location, and the metro area saw rents increase at more than four times the national rate.
While the increase in rental prices is slowing, demand for rentals is anticipated to remain strong as wage growth and job growth continues to power the market.
Click here to read CoreLogic’s full SFRI report with November 2024 data, featuring commentary from Principal Economist Molly Boesel.
All archived SFRI reports are available at this home page, while regular housing market reports and blog posts from CoreLogic’s Office of the Chief Economist can be found here.
