According to CoreLogic’s latest Single-Family Rent Index (SFRI), U.S. single-family rent prices were up by 12.6% in July year over year, with the gains continuing to slow from the historic high recorded in April, 2022. CoreLogic says there is similar price growth relaxation in most major metro areas tracked in their SFRI, including popular Sun Belt cities that have seen rental costs skyrocket.
“July marked the third month of slower annual gains in single-family rents…However, higher interest rates this year increased monthly mortgage payments for new loans, and potential homebuyers may choose to continue renting rather than buy, helping keep price increases in check.” Said Molly Boesel, principal economist at CoreLogic.
- Lower-priced (75% or less than the regional median): 13.9%, up from 6.3% in July 2021
- Lower-middle priced (75% to 100% of the regional median): 13.6%, up from 7.5% in July 2021
- Higher-middle priced (100% to 125% of the regional median): 13.4%, up from 8.4% inJuly 2021
- Higher-priced (125% or more than the regional median): 11.4%, up from 10.1% in July 2021