“Annual Single-Family Rent Price Growth Falls to Single Digits in October”
by Calculated Risk on 12/20/2022 11:39:00 AM
From CoreLogic: Annual US Single-Family Rent Price Growth Falls to Single Digits in October, CoreLogic Reports
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.”
Click on graph for larger image.
This graph from CoreLogic shows the year-over-year change in rents for several price tiers.
This index was reported to be up 10.2% YoY in September – and is slowing quickly.