Single-Family Home Rents Continue to Rise, Phoenix Up 14%

Rentometer has released their Q1 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.

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 Q1 ’23 report covers 426 cities that had at least 25 data points for Q1 ’22 and Q1 ’23. It includes an analysis on year-over-year change in average rent prices by city for the first quarter.

Highlights from the report are as follows:

  • 95% of the 426 cities experienced year-over-year rent increases
  • 60% of the 426 cities experienced double digit year-over-year rent increases, which is up from 52% last quarter

Some notable markets with increasing average rents over the past year are Dallas, TX (+26%), Phoenix, AZ (+14%), and Fort Worth, TX (+13%). Other notable markets with decreasing average rents are Hamilton, OH (-16%), La Quinta, CA (-14%), and Birmingham, AL (-12%).

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

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