Home Rents Continue to Rise in Q3 2023: 73% of U.S. Cities Experienced Year-Over-Year Rent Increases

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Oct 19, 2023, 13:30 ET

19% of the cities analyzed experienced double-digit rent increases

BOSTON, Oct. 19, 2023 /PRNewswire/ -- 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."

Rentometer has compiled a rent price analysis of 3-BR SFRs in 771 cities across the U.S. to see how rents have changed since this time last year.

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:

73% of the 771 cities experienced year-over-year rent increases
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:

Rent increases: Los Angeles, CA (+5%), Phoenix, AZ (+4%), and Las Vegas (+2%)
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.

About Rentometer, Inc.
Rentometer collects, analyzes, and distributes multifamily and single-family rental price data throughout the U.S. Our rental data is proven to be valuable for our diverse customer base of real estate professionals–including real estate investors, property managers, agents, and even renters–as we deliver more than 20,000 reports daily.

SOURCE Rentometer, Inc.