Rent prices for single-family homes remained steady in September, according to CoreLogic data released Tuesday.
Nationwide, U.S. rental prices grew by 3 percent in September, the same rate as in August and as in September 2018. After peaking at 4 percent growth in February 2016, rent prices have been growing less drastically in recent months.
Despite the stable growth, affordable rentals saw the biggest spikes in prices. Properties whose rent is 75 percent less than the region’s median grew by 3.8 percent year-over-year while high-end properties, whose rent costs more than 125 percent of the region’s median, saw only 2.9 percent growth over the same time period.
“Low rental supply coupled with ongoing demand pushed up rents in September,” CoreLogic Principal Economist Molly Boesel said in a statement. “Vacancy rates have fallen moderately on the national level over the last quarter – with a 0.3 percent decrease in the third quarter of 2019 compared to a year earlier – and more significantly in select metro areas.”