CoreLogic: "Annual Single-Family Rent Price Growth Falls to Single Digits in October"

U.S. rental price growth slowed for the sixth straight month on an annual basis in October to 8.8%, the lowest rate of appreciation in more than a year but still three times higher than the pre-pandemic level. Despite the continued cooling, a shortage of available properties is keeping costs elevated, a trend that is partially fueling year-over-year gains in the lower-priced tier. Miami led the nation for rent growth for the 15th consecutive month at 16.3%, but gains there have slowed dramatically since the spring when they hit 40.8%.

“Single-family rents decreased again on a monthly basis in October but were still up year over year,” said Molly Boesel, principal economist at CoreLogic. “While rents typically experience a seasonal decline in October, this year’s decrease was larger than average and could point to prices slowing more sharply than expected in the coming months.”
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