H
ome rental growth in the US has slowed down significantly, reaching its lowest rate in four years. According to CoreLogic's Single-Family Rent Index Report, annual rent growth nationwide rose by 2% in September 2024, a decline from previous months and lower than the pre-pandemic average of 3.5%. High-end rental prices increased at a slightly faster pace, driven by renters taking advantage of rising wages to upgrade to higher-tier properties.

    CoreLogic principal economist Molly Boesel noted that while some metros showed stronger rent growth, more areas experienced decreases in rents. Despite this slowdown, median rents have still risen by 32% since 2020. Among the top 20 core-based statistical areas tracked by CoreLogic, two recorded rent increases of 5% or more, with Detroit leading at 5.2%, followed by Seattle at 5%. In contrast, Austin and San Diego saw significant declines in rents, dropping 2.9% and 0.7% respectively year-over-year.