Single-family rentals (SFRs) saw the 17th straight month of slowing rent growth in September, bringing it to the lowest rate in three years, according to data from CoreLogic. However, the national average was still an increase of 2.6%, which is only slightly off from the pre-pandemic average.
As always, a national average doesn't apply evenly to all local markets. "Relatively affordable metro areas continue to gain momentum, with St. Louis again leading the country for year-over-year rental cost hikes," the company wrote. "Meanwhile, Miami — which led the U.S. for rent increases one year ago at almost 20% — was one of three U.S. markets to see prices decline annually in September."
Miami is the second most expensive market in the country, with SFR rentals costing more than half the area's median income.
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