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Home Rents Continue to Rise in Q1 2024: 75% of U.S. Cities Experienced Year-Over-Year Rent Increases

16% of the cities analyzed experienced double-digit rent increases

BOSTON, April 15, 2024 /PRNewswire/ — Rentometer has released their Q1 2024 rent report for three-bedroom (3-BR) houses that are single-family rentals (SFRs). Rentometer collects rent data for all residential real estate asset classes, but this report is focused on SFRs because they are one of, if not the most, active asset classes today.

Rentometer’s president, Mike Lapsley, commented that “we have increased our coverage and monitoring of the SFR market as the activity and interest in this particular market has escalated over the last few years.”

The Q1 ’24 report covers 755 cities that had at least 25 data points for Q1 ’23 and Q1 ’24. It includes an analysis of year-over-year change in average rent prices by city for the first quarter.

Highlights from the report are as follows:

  • 75% of the 755 cities experienced year-over-year rent increases
  • 16% of the 755 cities experienced double-digit year-over-year rent increases, which is down from 24% last quarter

Notable rent price changes across major U.S. cities:

  • Rent increases: San Diego, CA (+10%); Las Vegas, NV (+7%); Houston, TX (+6%); Orlando, FL (+6%); Dallas, TX (+2%)
  • Rent decreases: Chicago, IL (-6%); Tampa, FL (-3%); San Antonio, TX (-3%); Austin, TX (-2%); Miami, FL (-1%)

View the full report from Rentometer to view the complete list of updated rent data.

About Rentometer, Inc.
Rentometer collects, analyzes, and distributes multifamily and single-family rental price data throughout the U.S. Our rental data is proven to be valuable for our diverse customer base of real estate professionals–including real estate investors, property managers, agents, and even renters–as we deliver more than 20,000 reports daily.

SOURCE Rentometer, Inc.

Originally published at https://www.prnewswire.com/news-releases/home-rents-continue-to-rise-in-q1-2024-75-of-us-cities-experienced-year-over-year-rent-increases-302115756.html
Images courtesy of https://pixabay.com

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