Rentometer has released their Q3 2023 Rent Report for three-bedroom (3-BR) houses that are single-family rentals (SFRs). Rentometer collects rent data for all residential real estate asset classes, but this report is focused on SFRs because they are one of, if not the most, active asset classes today.
Rentometer’s president, Mike Lapsley, commented that “we have increased our coverage and monitoring of the SFR market as the activity and interest in this particular market has escalated over the last few years.”
The Q3 ’23 report covers 771 cities that had at least 25 data points for Q3 ’22 and Q3 ’23. It includes an analysis of year-over-year change in average rent prices by city for the third quarter.
Highlights from the report are as follows:
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73% of the 771 cities experienced year-over-year rent increases
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19% of the 771 cities experienced double digit year-over-year rent increases, which is down from 36% last quarter
Notable rent price changes across major U.S. cities:
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Rent increases: Los Angeles, CA (+5%), Phoenix, AZ (+4%), and Las Vegas (+2%)
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Rent decreases: Nashville, TN (-3%), Austin, TX (-2%), and Orlando, FL (-1%)
Download the full report from Rentometer to view the complete list of updated rent data.
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