Rent prices in 20 cities changed this much in July 2024

Rents remained relatively stable in 2024, but some cities saw larger increases this summer.

Single-family home rental prices in July 2024 rose in 18 major metro areas and fell in just two compared with a year ago, according to real estate data provider CoreLogic.

Overall, rental prices increased 2.8% in July 2024 compared to a year ago, CoreLogic said.

Rental prices for low-end properties remained stable, down just 0.2% year-on-year, while high-end properties saw rents increase by 2.9%, up from 1.8% in July 2023.

“At first glance, single-family rent growth in July could be characterized as ‘average,’” said Molly Boesel, senior economist at CoreLogic. “However, a closer look reveals that rent changes have slowed at the lower end of the market.”

“While this decline may be due to a strong comparison with the previous year, it is likely a welcome relief for renters looking for rentals at the lower end of the market,” she added.

Eight of the 20 metro markets tracked by CoreLogic posted gains of 4% or more: Washington (6.3%), Chicago (5.6%), Seattle (5.4%) and Boston (5.2%).

The two areas where rents fell, but not by much, were Austin (-1.1%) and Phoenix (-0.8%).

Seven of the 20 metro areas had median rates above $3,000 per month in June 2024, including San Diego ($4,034), Honolulu ($3,793) and Los Angeles ($3,767).

Some of the cheapest places for single-family rents were Philadelphia ($1,672), Detroit ($1,755), Houston ($1,941) and Charlotte ($2,012).