Single-Family Rents Increase in Q4 2023

February 15, 2024

Rentometer produces a quarterly report on year over year changes in three-bedroom (3-BR) single-family rentals (SFR’s) in over 600 cities across the U.S. Let's take a look at what Mike Lapsley, President of Rentometer, has to say about the data revealed in our report.

Single-Family Rent Growth: A picture is worth 1,000 words!

Is the slowdown over? A word from our President, Mike Lapsley:

Rather than write up a 1,000 word blog post, I decided to present a chart that much more clearly encapsulates the trends over the last two years. Briefly, when we started monitoring and producing reports at the beginning of 2022, most cities and regions were experiencing significant double-digit year over year growth. The growth continued through 2023 however, it began to slow in the 2^nd half of 2022 and really dropped in the 2^nd half of 2023.

The chart below highlights the trends over the last two years.

Important highlights worth noting:

• Nationally, 3-BR SFR's rent growth was 5.3% for Q4 2023 up slightly from 4.6% in Q3 2023.
• Four out of six regions covered had improved rent growth in Q4 2023 vs. Q3 2023 as follows: Midwest +9.4%, Mountain +3.2%, Southeast +3.7%, and Southwest +6.3%.
• Two of the six regions covered showed lower rent growth in Q4 2023 vs. Q3 2023 as follows: Northeast +3.6%, and Pacific +3.6%.
• 24% of the 646 cities experienced double digit year-over-year rent increases in Q4 2023 which is up from 19% in Q3 2023

Important highlights from our latest rent report worth noting:

• 82% of the 646 cities analyzed in our report experienced year-over-year rent increases
• 24% of the 646 cities analyzed in our report experienced double digit year-over-year rent increases, which is up from 19% last quarter

View full report

Ready to dive into our latest rent report? View the full report to see how rent prices have changed in your market in Q4 2023.

About Rentometer

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.