Syracuse Tops U.S. in Single-Family Rental Rent Growth Amid Northeast and Midwest Surge

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Key Points:

• Syracuse, NY, led the nation with an 8.3% increase in single-family rental (SFR) rents in 2024.​

• The Northeast and Midwest regions, including cities like Hartford, CT, and Toledo, OH, experienced significant rent growth.​

• Nationally, SFR rent growth averaged 4.5%, with 99 of the 100 largest markets posting positive gains.​

In 2024, the U.S. single-family rental (SFR) market saw notable rent increases, particularly in the Northeast and Midwest regions. Syracuse, NY, emerged as the frontrunner with an 8.3% rise in SFR rents. This article, supported by a Chandan Economics analysis of Zillow data, delves into the factors driving these trends and their implications for real estate investors and landlords.

Regional Rent Growth Highlights:

• Syracuse, NY: Achieved the highest SFR rent growth nationwide at 8.3%, with average monthly rents reaching $2,030 by year's end, still 6.6% below the national average. ​

• Hartford, CT: Recorded an 8.1% increase in SFR rents. The city's tight housing market is evident, with homes typically spending only 37 days on the market, approximately half the national median. ​

• Toledo, OH: Experienced a 7.8% year-over-year rent growth.

Factors Influencing Rent Growth:

• Elevated Mortgage Rates and Home Prices: High mortgage interest rates and escalating home prices have intensified demand for SFRs, as potential buyers opt to rent. ​

• Regional Economic Dynamics: In cities like Toledo, wage growth and economic policies have bolstered the rental market. For instance, Ohio's minimum wage indexing and a surge in business applications contributed to a 6.1% wage increase in 2024. ​

National Trends and Outlook:

The national average SFR rent growth stood at 4.5% in 2024, with 99 of the top 100 metropolitan areas recording positive gains. This widespread growth underscores the resilience of the SFR sector amid economic uncertainties. With mortgage rates projected to remain elevated, robust demand for single-family rentals is expected to persist, supporting continued rent growth. ​

National Strength:

Despite economic uncertainty, the SFR sector has remained a strong source of rent growth in all major markets across the country. With mortgage rates forecasted to stay elevated through the remainder of the year, robust demand for single-family homes should continue to support the sector's growth for the foreseeable future.