US single-household rent growth eased in October

U.S. single-household rent growth softened 365 days-over-365 days in October, but remained above pre-pandemic levels.

Rental costs were up by 2.5% yearly in October, cooling from 2.6% annual growth in September. It was as soon as the finest drop between September and October in bigger than a decade. Rent growth was as soon as also the lowest since the summer season of 2020. That’s in step with CoreLogic’s Single-Family Rent Index (SFRI), which analyzes single-household rent stamp modifications nationally and proper by main metropolitan areas.

“Whereas slowing rent growth is welcome data for tenants, affordability has suffered proper by the final few years, with median single-household rents rising by about $500 nationally since February 2020,” Molly Boesel, principal economist for CoreLogic, acknowledged in a assertion.

Cumulative will enhance proper by the nation enjoy registered almost 30% since February of 2020.

CoreLogic examined four tiers of condo costs: decrease-priced (75% or no longer as much as the regional median); decrease-middle priced (75% to 100% of the regional median); increased-middle priced (100% to 125% of the regional median) and increased-priced (125% or bigger than the regional median). The records company also analyzed two property kinds: connected versus silent properties.

For these lessons, rent-growth modifications in October 2023 over October 2022 were:

• Lower-priced: Rent growth was as soon as down 3.3% versus 11%.
• Lower-middle priced: Rent growth was as soon as down  3% versus 9.8%.
• Greater-middle priced: Rent growth was as soon as down 2.6% versus 8.8%.
• Greater-priced: Rent growth was as soon as down 1.8% versus 7.4%.

Meanwhile, connected single-household rent costs grew by 3% 365 days over 365 days in October; silent rents grew by 2.1%.

San Diego posted the quickest 365 days-over-365 days lengthen in single-household rents in October 2023 at 5.2%. Meanwhile, St. Louis posted the 2d-highest annual assemble at 5%, adopted by Boston and Fresh York, every at 4.7%. Austin and Miami posted the finest annual declines at -2.1% and -1%, respectively. Rent growth remained flat in Phoenix.