Yet another report — this one by CoreLogic — shows that the rapid pace of rent increases is beginning to slow. Some of the increases occurred so quickly that they may have cooled growth.

With the industry and the market changing faster than ever, make plans to come together with the best community in real estate at our flagship event. Join us at Inman Connect New York, Jan. 24-26, and punch your ticket to the future. Check out these just announced speakers for this must-attend event. Register here.

Rent growth for single-family homes slowed for the third-straight month in July, coming down from pandemic-era highs, according to a new report.

The housing data provider CoreLogic found that rent gains peaked in April before beginning its ongoing slowdown.

That’s not exactly great news for renters: rent for single-family homes remains up 12.6 percent compared to the year before. Rent remains up year over year, but the pace of growth is falling from historic highs, according to the report.

That slide might actually have started as a result of the meteoric rise in prices, the report said.

“Large rent price increases in major Sun Belt metros over the past year have eroded affordability, making these areas less attractive to people who may have been considering migrating and thereby tempering demand,” according to CoreLogic’s latest data.

Still, single-family rent has risen much faster than historical average.

“Keep in mind, places like Miami still had a 30 percent increase in rents, Molly Boesel, principal economist at CoreLogic, told Inman. “That’s on top of an 18 percent increase, roughly, in rent in Miami a year ago.”

Rent remains up 30.6 percent in Miami year over year. That’s actually down from its peak of 40.8 percent in March, but the city saw rent grow faster in the past year than any other market, according to the report. Phoenix saw its rent growth slow from 18.2 percent in March to 12.2 percent in July. 

All over the Sun Belt, which has been a major target from investors, rent growth is eroding.

“We don’t really [foresee] it falling,” Boesel said. “We definitely see it tempering — slowing down, just as we expect home prices to slow down but not fall.”

“I think what a renter could hope for is prices slow down enough and incomes pick up enough that they come more into balance,” she added.

CoreLogic also tracks changes along the spectrum of different rental types.

Changes based on rental type

  • Lower-priced (75 percent or less than the regional median): 13.9 percent, up from 6.3 percent in July 2021
  • Lower-middle priced (75 percent to 100 percent of the regional median): 13.6 percent, up from 7.5 percent in July 2021
  • Higher-middle priced (100 percent to 125 percent of the regional median): 13.4 percent, up from 8.4 percent in July 2021
  • Higher-priced (125 percent or more than the regional median): 11.4 percent, up from 10.1 percent in July 2021

Rent isn’t down everywhere, though. It actually ticked up in July in Philadelphia, New York and Washington from April through July, CoreLogic reported.

Fastest year-over-year rent growth

  • Miami: 30.6 percent
  • Orlando: 22.2 percent
  • San Diego: 14 percent
  • Atlanta: 14 percent

St. Louis posted the lowest annual rent price gain at 4.4 percent.

Email Taylor Anderson

Get Inman’s Property Portfolio Newsletter delivered right to your inbox. A weekly roundup of news that real estate investors need to stay on top, delivered every Tuesday. Click here to subscribe.

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