CoreLogic announced their Rental Report for the month of February, showing that single family rent prices jumped 3.4% from February 2023 to February 2024. This was an increase from 2.6% in the last report and the strongest recorded growth in the last ten months. According to CoreLogic, New York, New York led the U.S. for annual rental increases in February at 6.9%. Miami, Florida and Austin, Texas all saw declines. “Single-family rent growth regained strength in February, posting the highest annual appreciation since April 2023,” said Molly Boesel, principal economist for CoreLogic. “Monthly rent growth also picked up in February and was higher than what is typically recorded in winter months”.
As we know Case Shiller recently showed year-over-year home appreciation at 6% and CoreLogic forecasts are showing around 3.1% appreciation going forward. Seeing the forecasts on home price appreciation and how rent continues to increase, both point to the value in home ownership.
Please call today to complete a buy vs. rent calculation for your area to see the estimated cost breakeven point of buying vs. renting.
Source : February US Rent Growth Posts Highest Annual Increase