Rent growth for single-family rentals in the U.S. continued to slow in February 2023, with CoreLogic’s Single-Family Rent Index reporting a 5% decrease year over year – the 10th consecutive month of decline. Principal economist at CoreLogic, Molly Boesel, noted that this result was not unexpected and could be attributed to renters being unwilling or unable to pay rate increases as well as an increase in supply placing downward pressure on rent growth.
Western metros which had reported large rent price increases last February saw their numbers drop significantly this year; Phoenix and Las Vegas ranked at the bottom for annual rent price growth at 18.2% and 16.6%, respectively compared with 12 months prior . Year-over-year changes across SFR tiers were also down from previous years: lower priced (75% or less than regional median) decreased from 12
