Annual single-family home rent growth slowed for the 14th consecutive month in June, according to a new report out from CoreLogic. Rents grew by 3.3 percent year-over-year in June, the lowest such gain since Fall 2020.
Attached single-family rental prices grew by 4 percent annually in June, compared with the 2.6 percent increase for detached rentals.
“Annual single-family rent growth has returned to its long-term, pre-pandemic rate, but increases for attached properties were one-and-a half-times that of detached properties in June; this is historically not the case, as both housing types tend to rise at the same pace,” said Molly Boesel, principal economist for CoreLogic. “However, while rent growth for attached properties lagged that of detached properties in 2020 and 2021, it has outpaced the latter in 2022 to 2023. Rent growth for attached homes is projected to continue to exceed that of detached properties as the market balances.”
Chicago posted the highest year-over-year increase in single-family rents in June 2023 at 6.6 percent. Boston and Orlando followed close behind.