In late 2024, the demand for single-family rental homes was on the rise, resulting in high rent growth. However, recent reports have shown a decline in national SFR rent growth compared to the previous year.
According to three separate reports from CoreLogic , Rentometer and Yardi Matrix, there has been a slowdown in annual rent growth across various regions. Molly Boesel, Senior Principal Economist at CoreLogic stated that November saw the lowest rate of single-family annual rent growth in about 14 years.
The data from these reports also revealed regional variations in terms of rent growth (or lack thereof). While many cities located within Sun Belt states experienced a decrease in their year-over-year (YoY) rental rates, some Midwest metros reported an increase.
To break it down further:
– Nationally: In November 2024, CoreLogic reported a YoY rental rate increase of only 1.5%. Meanwhile,Rentometer and Yardi Matrix showed negative YoY rates at -0.8% as of December 2024.
– Average Rents: According to Rentometer and Yardi Matrix’s findings,the average rents were $2,357and $2
