Single-Family rent growth slowed for the sixth straight month and fell into the single digits for the first time in 14 months, according to the CoreLogic Single-Family Rent Index.
- Nationwide, rent prices were up by 8.8% year-over-year in October, this is down from 10.2% in September and is down from the 14.0% high recorded in April.
High-Priced Plummet. The higher-priced tier has now fallen to a 17-month low with rents up 7.5% year-over-year followed by higher-middle price (+8.8%) and lower-middle price (9.9%)
- Unfortunately, the only category that remained above double-digits was the only category that actually increased for the month. Lower-priced were up 1.3 percentage points to 11.0%.
Florida Stays Hot. The top two hottest metro areas were in Florida. Miami posted the highest year-over-year increase in single-family rents at 16.3% while Orlando was the second-highest at 15.5%.
- Boston took the third spot with 15.5% year-over-year growth followed by Tucson (+9.3%) and Atlanta (8.8%).
Analysis. Molly Boesel, economist at CoreLogic, says that rents are dropping even more than is usual this time of year. “Single-family rents decreased again on a monthly basis in October but were still up year over year…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.”