November Sees Annual Rent Growth Maintain a Level Below 3%

This past November, single-family rent growth increased 2.7% year-over-year, as stated in a new report from CoreLogic. 

According to CoreLogic’s latest Single-Family Rent Index, attached single-family rental prices also rose by 3.3% year-over-year this past November, in comparison with a 2.3% increase for detached rentals.

Key highlights:

Single-family rent growth in the U.S. in November 2023, compared to 2022, through different markets:

  • Lower-priced rentals up 2.9%, down from 10.1%
  • Lower-middle priced up 2.9%, down from 8.2%.
  • Higher-middle priced up 2.7%, down from 7.4%
  • Higher-priced up 2.1%, down from 6.3%.

Various metro markets posted large year-over-year increases in November 2023 for detached rentals:

  • San Diego: 5.6%
  • Minneapolis: 5.2%
  • Boston: 5.1%

And some market experienced annual losses:

  • Austin: (-2.5%)
  • Miami: (-1.1%)

Economist’s Take:

“More than three years of increasing U.S. single-family rents and the rising costs of other goods have made many renters sensitive to the cost of living,” said CoreLogic Principal Economist Molly Boesel. “Many renters are renewing their current leases, and others who are moving are seeking lower-priced alternatives.

“For example,” Boesel added, “rents in Austin, Texas, climbed by nearly 30% from early 2020 to mid-2023 but have now posted five consecutive months of annual declines. An uptick in newly constructed, multifamily rental properties is contributing to the decrease in single-family prices in Austin, as tenants now have more options.”

For the full report, click here.

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