Single-family rent growth slowed for the 18th straight month in October, according to the latest CoreLogic Single-Family Rent Index.
- Nationally, rent growth continued slow in October slipping to 2.5% year-over-year, down from 2.6% in September and the lowest level since summer 2020.
Low Vs High. High-priced units have seen their growth fall under 2% with year-over-year growth slowing to just 1.8% in October. Lower-priced tiers are still seeing the most growth with prices up 3.3% year-over-year in October.
First-Timer. San Diego took the top spot for the first time this year with year-over-year rent growth up 5.2% in October followed by St. Louis (+5%), Boston (+4.7%) and New York(+4.7%).
- On the flip side, Austin, Texas has seen the biggest drop with rents down 2.1% year-over-year followed by Miami (-1%) and Phoenix (0.0%).
Analysis. Molly Boesel, principal economist for CoreLogic, said the rent growth slowdown has been great for renters but its important to put it into context. “In addition, this marked the largest drop between September and October in more than a decade. While slowing rent growth is welcome news for tenants, affordability has suffered over the past few years, with median single-family rents increasing by about $500 nationally since February 2020.”