Home Rents Continue to Rise in Q2 2023, Phoenix Still Increasing YOY

Rentometer has released their Q2 2023 Rent Report for three-bedroom (3-BR) houses that are single-family rentals (SFRs). Rentometer collects data for all residential asset classes, but this report is focused on SFR because they are one of, if not the most, active residential rental asset classes today.

The Metro Phoenix market is one of the top markets to grow rent. Average rents have increased by 19 percent year over year for Greater Phoenix, with 89% of U.S. cities experiencing year-over-year rent increases.

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 Q2 ’23 report covers 508 cities that had at least 25 data points for Q2 ’22 and Q2 ’23. It includes an analysis of year-over-year change in average rent prices by city for the second quarter.

Highlights from the report are as follows:

• 89% of the 508 cities experienced year-over-year rent increases
• 36% of the 508 cities experienced double digit year-over-year rent increases, which is down from 60% last quarter

Some notable markets with increasing average rents over the past year are Dallas, TX (+34%), Phoenix, AZ (+19%), and Atlanta, GA (+18%). Markets that had the largest decrease in average rents are Conyers, GA, Springfield, IL, Cypress, TX, and Apex, NC which all had rent prices decrease by -9%.

Download the full report from Rentometer to view the complete list of updated rent data.

Rentometer collects, analyzes, and distributes multifamily and SFR rent price data throughout the U.S. Our rental data is proven to be valuable for our diverse customer base including real estate investors, property managers, agents, other real estate professionals, and renters as we deliver more than 20,000 reports on a daily basis.