Rents have been keeping fairly steady in 2024, but some cities saw bigger upticks this summer.
Prices for single-family rentals in July 2024 went up in 18 major metro areas and fell in only two compared to a year ago, according to property-data provider CoreLogic.
Overall, there was a 2.8% increase in rent prices in July 2024 versus a year ago, CoreLogic said.
Rental prices for low-end properties were flat, falling by only 0.2% year-over-year, while higher-end properties had rents increase by 2.9%, an uptick from 1.8% in July 2023.
“On the surface, single-family rent growth in July could be characterized as ‘average,” said Molly Boesel, principal economist at CoreLogic. “However, a deeper look reveals that rent changes slowed at the lowest end of the market."
"While this drop might be due to a strong year-ago comparison, it is most likely a welcome relief to renters looking for rentals in the lower-priced end of the market," she added.
Eight of the 20 metro markets that CoreLogic tracks posted gains of 4% or higher: Washington (6.3%), Chicago (5.6%), Seattle (5.4%) and Boston (5.2%).
The two areas where rents declined, but not by much, were Austin (-1.1%) and Phoenix (-0.8%).
Seven of the 20 metro areas had median rates exceeding $3,000 a month in June 2024, including San Diego ($4,034), Honolulu ($3,793) and Los Angeles ($3,767).
Some of the cheapest places for single-family rents were Philadelphia ($1,672), Detroit ($1,755), Houston ($1,941) and Charlotte ($2,012).
