- U.S. single-family rent growth slowed to 1.5% year over year in November 2024, the lowest annual increase recorded in more than 14 years.
- Detroit led the nation for growth, with an annual rent hike more than four times the national rate.
- Annual rent growth in the top tier remains the strongest
IRVINE, Calif., January 23, 2025—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.
With a 6.1% year-over-year rent increase in November, Detroit ranked first in the nation for growth out of 20 tracked major markets. The median price to rent a three-bedroom home in Detroit was $1,777 in October, one of only three metros[SA1] with a monthly cost of less than $2,000, yet another indicator that Americans are seeking more budget-friendly places to live, particularly areas in the Midwest. The other two sub-$2,000 rental markets were Philadelphia ($1,634) and Houston ($1,921). Meanwhile, Washington, D.C.’s 5.5% increase could be partially attributed to the changeover in jobs that comes with a new political administration.
“Single-family annual rent growth slowed in November to the lowest rate in about 14 years. Wage growth outpaced single-family rent growth for much of the past two years which kept rent growth in positive territory,” said CoreLogic senior principal economist Molly Boesel. “Despite the recent slowdown in rent growth demand for rentals should remain strong as wage and job growth are anticipated to remain strong this year.”
To gain a detailed view of single-family rental prices across different market segments, CoreLogic examines four tiers of rental prices and two property-type tiers. National single-family rent growth across those tiers, and the year-over-year changes, were as follows:
- Lower-priced (75% or less than the regional median): up by 1.9%, down from 2.8% in November 2023
- Lower-middle priced (75% to 100% of the regional median): up by 1.7%, down from 2.6% in November 2023
- Higher-middle priced (100% to 125% of the regional median): up by 1.5%, down from 2.3% inNovember 2023
- Higher-priced (125% or more than the regional median): up by 2.2%, up from 2% inNovember 2023
- Attached versus detached:Attached single-family rental prices increased by 1% year over year in November, compared with the 1.7%% increase for detached rentals.
Of the 20 metros shown in Table 1, Detroit posted the highest year-over-year increase in single-family rents in November 2024, at 6.1%. Washington, D.C. registered the second-highest annual gain at 5.5%, followed by Honolulu at 4.3%. Austin, Texas (-2.4%); Boston (-1.5%); Phoenix (-1.2%); Tucson (-0.4%) Dallas; Orlando and San Diego (all -0.3%) posted annual rental price losses.
The next CoreLogic Single-Family Rent Index will be released on February 21, 2025, featuring data for December 2024. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence.




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. The rental listings used to calculate the index include both attached and detached single-family homes, as well as condominiums. CoreLogic constructed the SFRI for close to 100 metropolitan areas — including 43 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 Rental Trends. Rental Trends 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 [email protected]. For sales inquiries, please visit https://www.corelogic.com/support/sales-contact/. 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 provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences that build better relationships, strengthen businesses and ultimately create a more resilient society. 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
Sales Contact: