Rent price growth has been slipping steadily since the start of the pandemic.

The cost of renting a single-family home grew by only 1.4 percent in June — down from 2.9 percent growth at the same time last year, according to data from property analytics provider CoreLogic. These numbers show the lowest rent price growth since May 2010. Prior to the pandemic, growth stayed stable at an average of 3 percent per year.


“National rent growth reached its slowest pace in 10 years in June, indicating that, despite the reopening of many local economies, the impacts of the pandemic are continuing to weigh on the rental market,” Molly Boesel, principal economist at CoreLogic, said in a press statement.

The biggest cause of these drops is the coronavirus pandemic, which has caused a homelessness crisis and severe disruptions to state’s economies. CoreLogic predicts that rent prices will continue to slip over the next year and might even fall if current trends continue. It’s still unclear how fluctuations in states like California, which opened up briefly before closing again, will affect rent trends in the long run.


Cities that depend heavily on the tourism and hospitality industries took some of the biggest hits. The only two big cities that saw actual drops were Honolulu and Los Angeles, at 1.2 and 0.7 percent, respectively.

Phoenix, which has been undergoing a population and job boon since last year, saw the biggest growth of 5 percent but is still down 1.5 percent from where it was in the first quarter of 2020.

“While rents slackened across the country, most metro areas maintained an increase in rents compared to this time last year,” Boesel said. “However, areas like Honolulu and Los Angeles, which continue to adhere to stricter lockdowns and shelter-in-place ordinances, experienced an annual decline in rent prices in June.”

Email Veronika Bondarenko

CoreLogic | rentals
Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription