Rent growth continues but at a slower year-over-year pace.

The latest Single-Family Rent Index from CoreLogic shows a decline in rent growth year-over-year (YoY). While rent growth increased in October 2024, it was off the 2.3% rate from the year prior—and it is the lowest rate since June 2020.

The 1.7% increase in October 2024 was half of what was typically seen in the years leading up to 2020. Single-family rent growth averaged 3.5% for about a decade before 2020.

“Single-family rents posted below-trend growth in October, both in annual and monthly rate increases. While national growth was below-trend, some markets, particularly markets that have had tepid rent increases over the past two years, led rent increases for the nation,” said CoreLogic Senior Principal Economist Molly Boesel in a release.

Detroit reported the highest level of rent growth in October with a 6% year-over-year increase. Washington, D.C., was next with a 4.5% increase. The Detroit metro was also the second least-expensive of the 20 largest areas in the report, behind Philadelphia, which saw a 3.4% YoY increase in rent growth.