Despite the steady increase in rent since February 2020, single-family rent growth is stalling. According to CoreLogic's Single-Family Rental Index, rent growth was up 2.5% in October year-over-year, which is the slowest rate since summer 2020. In total, rents are up nearly 30% since the start of the pandemic.
“Single-family rent increases continued to moderate in October, slowing to the lowest annual growth rate in more than three years,” said Molly Boesel, Principal Economist with CoreLogic, in a release. “In addition, this marked the largest drop between September and October in more than a decade."
San Diego had the largest rent growth at 5.2% year-over-year. St. Louis was at 5% while Boston and New York were each at 4.7%.
Rent growth is a far cry from where it was in October 2022 when Miami and Orlando, Fla., were pushing 16% year-over-year rent growth. Boston was also nearly at 12% rent growth in October 2022. Numerous other metros were situated around the 6%-8% growth range last year, while areas this year in the top 20 are more in the 2%-4% range.