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oreLogic's Single-Family Rent Index for November 2024 shows Detroit leading the nation in year-over-year rent growth, with a 6.1% increase among 20 major markets. The median rent for a three-bedroom home in Detroit was $1,777, making it one of only three metro areas with an average monthly rent under $2,000, along with Philadelphia ($1,634) and Houston ($1,921). This trend highlights Americans' growing search for more affordable housing options, particularly in the Midwest.

    The national single-family annual rent growth slowed to its lowest rate in about 14 years, according to CoreLogic's senior principal economist Molly Boesel. Despite this slowdown, demand for rentals is expected to remain strong due to continued wage and job growth. The analysis of four price tiers and two property types revealed:

    * Lower-priced rentals (75% or less of the regional median): Up 1.9%

    * Lower-middle priced rentals (75%-100% of the regional median): Up 1.7%

    * Higher-middle priced rentals (100%-125% of the regional median): Up 1.5%

    * Higher-priced rentals (125% or more of the regional median): Up 2.2%

    Among major markets, Detroit had the highest annual rent increase at 6.1%, followed by Washington, D.C. (5.5%) and Honolulu (4.3%). Some cities experienced rent declines, including Austin (-2.4%), Boston (-1.5%), Phoenix (-1.2%), and Tucson (-0.4%).