Rent growth for single-family rentals slowed for the seventh straight month in November, according to CoreLogic’s Single-Family Rent Index.
- Single-family rental growth dropped to 7.5% year over year in November, down from the 8.8% reported in October and almost half the record high (14%) reported in April.
- This was the lowest level since June 2021 when rent growth was also at 7.5%.
Low Still High. Unfortunately, the lower-priced rental tier is still seeing the most growth at 10.1% in November. They are the only category still in double digits.
- The lower-middle priced tier reported 8.2% in November followed by higher-middle (+7.2%) and higher priced (+6.5%).
Florida Remains Hot. Orlando posted the highest year-over-year increase in single-family rents in November 2022, at 13.4%. Miami took the number two spot with 12.7% growth followed by Boston at number three with rents up 11.5%.
- While Orlando has slowed slightly from last year’s 16% growth Miami has slowed significantly considering last year at this time rent growth was almost 35% year-over-year.
Analysis. Molly Boesel, principal economist at CoreLogic, noted that this decline was more than just seasonal. “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.”