- Detroit and Washington, D.C., had highest growth in December 2024.
- Since February 2020, rents have grown 30%. Florida markets experienced the most growth in that time, with Miami up 52%.
- Price growth for high-end rentals was 2.4% year over year in December as this market continues to outpace low-end rentals, which grew just 1.7% by comparison.
IRVINE, Calif., February 20, 2025—CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas.
Single-family rent prices increased 1.8% year over year in December 2024, down from the previous month’s 2.2%, and down from December 2023, when rent prices grew 2.5%, marking the lowest annual growth rate in about four years.
The monthly growth rate for December 2024 remains low at -0.7%. This is below the average of -0.4% for December from 2004-2019, and it marks the fifth consecutive month of below-trend seasonal month-over-month growth.
“Single-family rent growth averaged 2.6% in 2024, below the 2010-2020 average of 3.5% when rents were growing at a fairly steady rate. Growth was frontloaded and slowed throughout the year,” said CoreLogic Senior Principal Economist Molly Boesel. “Though increases were moderate, rents continue to increase, with an average increase of about $100 per year for the past five years.”
Rent prices for high-end properties increased 2.4% year over year in December, a gain from the 2.2% growth seen at the same time last year. In contrast, low-end rent prices increased 1.7% year over year in December, a slowdown from the 2.8% seen in December 2023.
Rent growth across property types remained fairly consistent in December 2024, with detached rentals experiencing a growth of 1.7% and attached rentals growing 1.8%.
Washington, D.C., posted the highest year-over-year increase in single-family rents in December 2024 at 5.6%. Detroit fell to the No. 2 slot in December with an annual gain of 5.5%, followed by Chicago at 5.1%. Dallas had the lowest growth at just 0.4% in December, followed by Atlanta at 0.7%. While Miami had the third-lowest year-over-year rate of growth in December at 1.3%, that market has seen tremendous growth in the last four-plus years, growing 52% since February 2020.
Methodology
The CoreLogic Single-Family Rent Index (SFRI) applies a repeat pairing methodology to single-family rental listing data in the Multiple Listing Service. The rental listings used to calculate the index include both attached and detached single-family homes, as well as condominiums. This report shows trends for the U.S. and the largest 10 U.S. metropolitan areas. In addition to these 10 metros, the CoreLogic SFRI is available for close to 100 metropolitan areas — including approximately 4 metros with four value tiers — and a national composite index. The indices are fully revised with each release to signal turning points sooner.
The CoreLogic Single-Family Rent Index analyzes data across four price tiers: Lower-priced, which represent rentals with prices 75% or below the regional median; lower-middle, 75% to 100% of the regional median; higher-middle, 100%-125% of the regional median; and higher-priced, 125% or more above the regional median.
Median rent price data is produced monthly by CoreLogic Rental Trends. Rental Trends is built on a database of more than 11 million rental properties (over 75% of all U.S. individual owned rental properties) and covers all 50 states and 17,500 ZIP codes.
Source: CoreLogic
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