Coastal Cities Lead As Single-Family Rent Growth Soars To 10-Month High

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Rental price growth for single-family apartments increased by 3.4 percent in February, with Boston, Seattle, and New York City leading the way among U.S. cities, according to data from CoreLogic released on Tuesday.

Bustling coastal cities saw the largest annual increase in rental price growth for single-family apartments, reaching the highest level in 10 months. The New York City area experienced the strongest growth at 6.9 percent, followed by Seattle at 6.8 percent and Boston at 6.4 percent. These cities have median three-bedroom rent prices exceeding $3,200, compared to the national median around $2,100.

In contrast to the previous year, where more affordable cities like St. Louis, Charlotte, and Orlando led in single family rent growth, the current data shows a shift towards larger coastal cities taking the spotlight.

Overall, single-family rent growth rebounded in February, marking the highest annual appreciation since April 2023. Monthly rent growth also increased in February, surpassing typical winter month levels.

Miami and Austin were the only cities to record annual price decreases, with rents dropping by 3.1 percent and 1.3 percent respectively. Rental growth remained subdued compared to levels from February 2023, with only high-priced rentals seeing an increase in growth.

Disparities in growth were also observed between detached single-family rentals and attached rentals. Detached properties experienced a 3.7 percent year-over-year growth, while attached properties saw rent grow by 2.9 percent.

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Rental prices for single-family apartments experienced a surge of 3.4 percent in February, with cities like Boston, Seattle, and New York City leading the growth. Coastal cities showed the strongest rent growth, with New York City seeing a 6.9 percent increase, followed by Seattle at 6.8 percent and Boston at 6.4 percent. The national median rent for a three-bedroom apartment is around $2,100, while these cities have median rents exceeding $3,200. Miami and Austin were the only cities to record annual price decreases, with rents slipping by 3.1 percent in Miami and 1.3 percent in Austin. The growth disparity was evident between detached and attached properties, with detached properties experiencing 3.7 percent growth compared to 2.9 percent for attached properties. Overall, rental price growth for single-family apartments showed the highest annual appreciation since April 2023, indicating a positive trend in the rental market.

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