CoreLogic: "US Annual Rent Price Growth Dropped by Nearly Half in December" - Calculated Risk

by Calculated Risk on 2/21/2023 08:24:00 AM

CoreLogic: US Annual Rent Price Growth Dropped by Nearly Half in December

Rent price gains declined in December for the eighth straight month on an annual basis, but the 6.4% national increase remained higher than pre-pandemic levels. ...

“U.S. single-family rental price growth closed out 2022 at about half of what it was one year ago,” said Molly Boesel, principal economist at CoreLogic. “However, while rent growth has been slowing, it still rose at more than double the pre-pandemic rate. Rental price gains began increasing near the end of 2020 and have risen by about an average of $300 in the past two years. Annual single-family rent growth is projected to slow throughout 2023, but it will likely not decline by enough to wipe out gains from the past two years.”
emphasis added

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 6.4% YoY in December, after rising 7.5% YoY in November and 8.8% YoY in October.

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