Home Rents Continue to Rise in Q1 2024: 75% of U.S. Cities Experienced Year-Over-Year Rent Increases

BOSTON, April 15, 2024 ~ Rentometer, a leading provider of rental data, has recently released their highly anticipated Q1 2024 rent report for single-family rental (SFR) properties with three bedrooms. This report covers 755 cities across the United States that had at least 25 data points for both Q1 2023 and Q1 2024.

According to Rentometer's president, Mike Lapsley, the company has been closely monitoring the SFR market due to its increasing activity and interest in recent years. As a result, they have expanded their coverage and analysis of this particular asset class.

The Q1 '24 report includes an in-depth analysis of year-over-year changes in average rent prices for each city. The findings reveal that 75% of the cities experienced rent increases compared to the previous year. However, this is a slight decrease from last quarter's report where 24% of cities saw double-digit increases.

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Among the major U.S. cities, San Diego, CA had the highest rent increase at 10%, followed by Las Vegas, NV at 7%. Other cities with notable increases include Houston, TX (6%), Orlando, FL (6%), and Dallas, TX (2%). On the other hand, Chicago, IL saw a significant decrease in rent prices at -6%, followed by Tampa, FL (-3%), San Antonio, TX (-3%), Austin, TX (-2%), and Miami, FL (-1%).

For a comprehensive list of updated rent data for all 755 cities included in the report, interested parties can access Rentometer's full report. With their extensive coverage and detailed analysis of SFR properties' rental market trends, Rentometer continues to be a valuable resource for landlords and tenants alike.
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