SFR Rent Growth Edges Up in Q4 2023: Is the Slowdown Over?

Four Out of Six Regions Showed Improved Year-Over-Year Rent Growth in Q4 2023 vs. Q3 2023

BOSTON, Feb. 1, 2024 /PRNewswire/ — Rentometer has released their quarterly Rent Report for Q4 2023. The focus of the quarterly Rent Report is three-bedroom (3-BR) single-family rentals (SFRs). The Q4 2023 report covers 646 cities that had at least 25 data points for Q4 2022 and Q4 2023.

Highlights from the report are as follows:

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

Rentometer’s president, Mike Lapsley, commented that “SFR rent growth remains positive for most U.S. cities (82%), however, the rate of growth has slowed significantly in the 2nd half of 2023 in almost every city and in all regions of the U.S.”

View the full report to see how rent prices have changed in your market in Q4 2023.

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.

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SOURCE Rentometer, Inc.