Single Family Residential Rental Trends
7 out of 10 MSAs with negative year-over-year rent growth in Q1 2024 are in Florida; fastest growing metros in 2021, slowest growing metros in 2023, metro-level details, and more.
Executive Summary
Using data collected internally, we looked at the rental listing history of 1,000,000+ single family residential properties nationwide.
Rent growth varied significantly by metro, with regions like Miami growing 14%+ YoY during stretches of 2021; while rent in Austin grew significantly in 2021, it turned negative year-over-year in Q4 2023 and has continued to fall year-over-year in Q1 2024. 7 out of 10 MSAs with negative year-over-year rent growth in Q1 2024 are in Florida.
This analysis looks at “Same Store” rent growth, meaning that rent growth for a market is approximated by tracking properties that have been listed and removed multiple times over the period studied.
At the end of the article, readers can get full access to metro-level rent growth data for single-family properties.
Data Overview
At SFR Analytics, we leverage nationwide deed, assessor, and rental listing data to track the single family rental market. To generate this analysis, we’ve:
Cleaned and processed historical rental listings data for 1,000,000+ properties to generate annualized growth rates based on paired listings.
Identified “Same Store” properties that have been listed and removed multiple times over the period studied.
Analysis & Results
For the below charts, we looked at the top 25 markets by single family rental listing count. Data is available at the end of the article for the top 100 markets.
Fastest Growing in 2021
The metros with the fastest growth in single-family rental prices during 2021 were: Phoenix, Miami, Atlanta, Las Vegas, and Tampa. All of these metros experienced stretches of time during 2021 with rent growth growing 12%+ year-over-year.
Slowest Growing in 2023
While many of the markets represented in the slowest growing during 2023 didn’t have much of a run up during 2021, Austin was the exception, flipping from growing very quickly to slowing, then turning negative.
Metros With Significant SFR Fund Activity
Metros with significant SFR fund ownership that didn't make the list of fastest growing in 2021 or slowest growing in 2023 include Charlotte and Dallas. While both maintained positive year-over-year rent growth throughout 2023, growth slowed meaningfully from 2021 going from 7.5%+ during stretches down to 2.5%.
Charlotte
Dallas
Q1 2024 Rent Growth (Quarter-to-date)
ZIP Code SFR Rent Growth Figures
Within metro areas, ZIP codes showed significant variance in rent growth. At the end of the section, a link is available to get access to ZIP code level data showing SFR rent growth over the last 5 years.
Significant changes also exist across states, with seven out of the ten MSAs with negative rent growth year-over-year based in Florida.
Note: not every ZIP code is included, but only ZIP codes with 5 or more single family rentals in a given quarter that also have a previous listing price and date to calculate rent growth (5,971 ZIP codes)
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