Key Rental Housing Data Release Summary for April 2024

Looking for a place where all the key rental housing data releases from the month are summarized in one place? You found it!

Monthly Releases: Economic Indicators

Consumer Price Index

Bureau of Labor Statistics | Press Release | April 10, 2024

Headline: Consumer prices rose 3.5% from a year ago in March, more than expected (CNBC)

Key Takeaways:

• The index excluding Food & Energy (“Core Inflation”) increased 3.8% over the last 12 months, the same increase as the 12 months ending in February.
• The All Item CPI increased 3.5% for the 12 months ending in March, more than the 3.2% increase for the 12 months ending in February.
• “Following the report, traders pushed the first expected rate cut out to September, according to CME Group calculations.” (CNBC)

Small Business Optimism Index

National Federation of Independent Business | Report | April 9, 2024

Key Takeaways:

• The Small Business Optimism Index decreased by 0.9 points in March to 88.5, the lowest level since December 2012. 
• Among small business owners, 38% reported raising compensation – up 3 points from February’s lowest reading since May 2021.
• The net percent of owners expecting higher real sales volumes deteriorated 8 points to a net negative 18 percent.
• Inflation continues to be the single most important problem facing small business owners, according to the report.

Employment Situation Summary

Bureau of Labor Statistics | Press Release | April 5, 2024

Headline: Another month of robust US job growth points to continued economic strength (AP)

Key Takeaways:

• Total nonfarm payroll employment increased by 303,000 in March, after increasing 275,000 in February.
• The March employment surpassed the expected addition of 212,000 new jobs.
• The unemployment rate changed little to 3.8% in March, compared to 3.9% in February.
• The jobless rate has now remained below 4% for 26 straight months, the longest such streak since the 1960s. (AP)
• Average hourly wages were up 4.1% from a year earlier, the smallest year-over-year increase since mid-2021. (AP)

Consumer Sentiment

University of Michigan | Press Release | April 26, 2024

Key Takeaways per Joanne Hsu, Survey Director: 

• Consumer sentiment saw a marginal decline compared with the previous month, remaining within the margin of error for the fourth straight month.
• Year-ahead inflation expectations ticked up from 2.9% last month to 3.1% this month.

Consumer Spending

Bureau of Economic Analysis | Press Release | April 26, 2024

Headline: US inflation increases moderately; consumer spending boosts Q2 outlook (Reuters)

Key Takeaways

• Core PCE Index, excluding food and energy:
  • +0.3% MoM (February: +0.3% MoM)
  • +2.8% YoY (February: +2.8% YoY ) << this is a key metric tracked by the Fed 
• The Overall PCE Price Index increased 0.3% MoM and increased 2.7% YoY
• “Stubbornly higher costs for housing and utilities suggested the Federal Reserve could keep interest rates elevated for a while.” (Reuters)

Monthly Releases: Housing and SFR Data

Single-Family Rent Index

CoreLogic | Press Release | April 16, 2024

Key Takeaways:

• U.S. single-family rents rose by 3.4% YoY in February, the strongest growth recorded in 10 months.
• New York (6.9%) saw the nation’s highest year-over-year rental price gain, followed by Seattle (6.8%) and Boston (6.4%) – possibly a sign that renters are moving back to urban centers.
• Miami (-3.1%) and Austin, Texas (-1.3%) posted annual rental price losses.

Case-Shiller Home Price Index

S&P CoreLogic | Press Release | March 26, 2024

Key Takeaways:

• The National Price Index reported a 6% annual change in January, after reporting a 5.5% annual change in December.
• The 6% annual change is the fastest annual rate since 2022.

February Rental Report

Realtor.com | Press Release | March 26, 2024

Key Takeaways:

• February marks the seventh month of YoY rent decline in a row for 0-2 bedroom properties at -0.4%, after a -0.3% decline in January.

• Despite the seven months of decline, the U.S. median rent was just $50 (-2.8%) less than the peak seen in August 2022.

• ​​In February 2024, the cost of buying a starter home in the top 50 metros was $1,027 (60.1%) higher than renting one. 
• Renting is a more affordable option than buying in all of the 50 largest metros, whereas the number of metros favoring renting was 45 at the same time last year. 

New Residential Construction

HUD | Press Release | April 16, 2024

Key Takeaways: 

• Permits for single family units have increased 28% YTD vs. YTD last year, while permits for multi-family units are down -26% in that time period.
• Starts for single family units are up 21% YoY and starts for multi-family units are down -43% YoY.
• Completions for multi-family units are up 26% YTD vs. YTD last year.

New Residential Sales

HUD | Press Release | April 23, 2024

Key Takeaways:

• New Home Sales jumped almost 9% MoM in March on a seasonally adjusted basis, after falling -0.3% MoM in February.
• New Home Sales in the Northeast region increased 27% MoM, the highest increase of any region.
• Months’ Supply of New Homes for sale decreased -5% MoM.

Existing Home Sales

NAR | Press Release | April 18, 2024

Key Takeaways:

• Existing home sales decreased -4.3% MoM in March.
• First-time homebuyers accounted for 32% of existing home sales, the highest percentage in 3 years – since March 2021.
• Individual investors or second-home buyers purchased 15% of homes in March, down from 21% in February.
• “NAR forecasts that existing-home sales will rise by 9% in 2024 to 4.46 million (from 4.09 million 2023) and another 13.2% in 2025 to 5.05 million (from 2024).” (NAR)

Pending Home Sales Index

NAR | Press Release | April 25, 2024

Key Takeaways:

• Pending home sales increased 3.4% MoM in March, after increasing 1.6% MoM in February.
• The Midwest index decreased -4.3% MoM after increasing 10.6% MoM in February, and the South (7%), West (6.8%), and Northeast (2.7%) all increased.