R
ent prices for single-family homes in the US ticked up 2.4% year-over-year in January, a slight increase from December's 2.1%. This growth rate still lags behind the 2.6% seen in January 2024, but marks a stabilization of annual rent increases after a period of slowing.

    January's monthly rent growth of 0.4% exceeded the typical 0.1% average for the month from 2004 to 2019, signaling a potential turning point in the rental market. High-end rentals led the way with a 3.2% year-over-year increase, while low-end properties saw slower growth at 1.9%.

    Rent increases were seen across property types, with detached rentals rising 2.3% and attached units increasing by 2.6%. Major metros showed varying levels of rent growth, with Washington, D.C. recording the highest year-over-year increase at 6.4%, followed closely by Chicago at 6.0%.

    Florida markets have dominated the rental market since 2020, with Miami's single-family rents surging 52% and Washington, D.C.'s rising 30%. Despite this, Dallas experienced the lowest growth rate in January at just 0.3%, trailed by Miami and Atlanta at 1.4% and 1.5%, respectively.

    According to CoreLogic economist Molly Boesel, "January's uptick may signal a shift from December's cycle low, and with rent increases exceeding seasonal norms, we could see renewed affordability pressures on renters."