U.S.
single-family
rental
(SFR)
homes
posted
rent
price
growth
of
3%
during
the
year
ending
in
April
2024,
according
to


CoreLogic
data
released
Tuesday.
That
was
down
from
an
annualized
gain
of
3.4%
in
March.

The

California-based
real
estate
analytics
company

reported
that
the
annualized
gain
was
in
line
with
the
pricing
growth
recorded
by
the

SFR
segment
during
much
of
the
past
year.
But
these
gains
are
also
being
driven
entirely
by
detached
properties.
Attached
properties,
including
condominiums,
posted
a
yearly
rent-price
decrease
for
a
second
straight
month,
backtracking
by
0.5%
in
April.

“Annual
single-family
rent
growth
has
solidified
over
the
past
few
months,
increasing
at
roughly
the
long-term
trend,”
CoreLogic
principal
economist
Molly
Boesel
said
in
a
statement.
“However,
monthly
single-family
rent
growth
gained
momentum
and
was
higher
than
usual
for
April.
At
the
current
rate,
rents
are
poised
to
grow
by
roughly
3%
through
the
end
of
2024.”

CoreLogic
noted
that
depreciation
in
the
attached-rental
segment
is
mainly
being
driven
by
a
subset
of
markets
in
Florida,
along
with
other
Sun
Belt
hubs
such
as
Austin,
New
Orleans
and
Phoenix.

“As
multifamily
apartments
are
being
completed,
some
markets
are
gaining
increased
rental
supply,
which
competes
with
the
attached
segment
of
the
single-family
rental
market,“
the
report
explained.
“These
trends
could
signify
that
even
after
the

pandemic,
Americans
who
rent
want
more
personal
space
and
are
willing
to
pay
more
for
it
if
their
budgets
allow.
Also,
the
high
cost
of
homeownership
is
likely
causing
some
households
to
stay
in
single-family
rentals.“

Across
the
20
metro
areas
tracked
by
CoreLogic,
the

SFR
data
for
March
showed
that
Seattle
led
the
way
for
annualized
rent
growth
at
6.3%,
followed
by
New
York
City
(5.3%)
and
Boston
(5.2%).

St.
Louis
—
which
happens
to
be
the
least
expensive
of
the
metros
tracked
by
CoreLogic
—
jumped
to
the
top
of
the
list
in
April
with
a
year-over-year
increase
of
6.3%.
The
median
monthly
rent
payment
in
St.
Louis
is
$1,616,
while
the
other
four
rental
markets
in
the
top
five
for
yearly
rent
gains
in
April
(New
York,

Boston,

Seattle
and

San
Francisco)
each
have
median
rents
in
excess
of
$3,200
per
month.

CoreLogic’s
monthly
SFR
report
analyzes
rental
properties
across
four
pricing
tiers.
Lower-priced
properties
are
those
that
cost
75%
or
less
than
the
regional
median
rent.
Lower-middle-priced
properties
range
from
75%
to
100%
of
the
regional
median,
followed
by
higher-middle-priced
homes
(100%
to
125%)
and
higher-priced
homes
(125%
or
more).

The
April
data
showed
that
in
comparison
to
March,
yearly
rent
gains
slowed
across
three
of
four
tiers.
The
lower-middle-priced
tier
led
the
way
with
annualized
growth
of
3.5%.
The
lower-priced
tier
had
the
slowest
growth
during
this
period
at
3.1%.

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