Key Rental Housing Data Release Summary for February 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 | February 13, 2024

Key Takeaways:

• The index excluding Food & Energy (“Core Inflation”) increased 3.9% over the last 12 months, the same increase over the 12 months ending in December. 
• The All Item CPI increased 3.1% for the 12 months ending in January, after increasing 3.4% in the 12 months ending in December.
• The index for shelter increased 0.6% MoM and 6% YoY, contributing over two-thirds of the monthly items increase. 

Small Business Optimism Index

National Federation of Independent Business | Report | February 13, 2024

Key Takeaways:

• The Small Business Optimism Index decreased by 2 points in January to 89.9, following a 1.3-point increase in December.
• Thirty-nine percent of owners reported job openings they couldn’t fill, down 1 point from December and the lowest reading since January 2021.
• The net percent of owners raising average selling prices declined 3 points from December to a net 22% seasonally adjusted. 15% reported lower selling prices, the highest since August 2020. 
• “Inflation pressures from Main Street have declined by 50% since peaking in 2021. However, prices are now 20% higher than they were in 2020, an increase that strips the purchasing power out of the earnings of most workers.” (NFIB)

Employment Situation Summary

Bureau of Labor Statistics | Press Release | February 2, 2024

Headline: The US didn’t just avoid a recession — it’s adding hundreds of thousands of new jobs (AP)

Key Takeaways:

• Total nonfarm payroll employment increased by 353,000 in January after increasing by 333,000 in December, resulting in four consecutive months of increase.
• The unemployment rate remained flat at 3.7% in January, matching the rate for December and November.
• Wages rose 0.6% MoM – the fastest monthly gain in nearly two years – and 4.5% YoY.
• “The unemployment rate has now come in below 4% for two straight years, the longest such streak since the 1960s.” (AP)

Consumer Sentiment

University of Michigan | Press Release | March 1, 2024

Key Takeaways per Joanne Hsu, Survey Director: 

• Consumer sentiment saw a small increase of 0.8% MoM in February after soaring 13% in January.
• Sentiment is about 30% above November 2023 and 6% below its historical average since monthly data collection began in 1978.
• “The fact that sentiment lost no ground this month suggests that consumers continue to feel more assured about the economy.” (Joanne Hsu)

Consumer Spending

Bureau of Economic Analysis | Press Release | February 29, 2024

Headline: Key Fed inflation measure rose 0.4% in January as expected, up 2.8% from a year ago (CNBC)

Key Takeaways

• Core PCE Index, excluding food and energy:
  • +0.4% MoM (December: +0.1% MoM)
  • +2.8% YoY (December: +2.9% YoY ) << this is a key metric tracked by the Fed 
• The Overall PCE Price Index increased 0.3% MoM and increased 2.4% YoY – in line with forecasts.
• “January’s price rises reflected an ongoing shift to services over goods as the economy normalizes from the Covid pandemic disruptions.” (CNBC)

Monthly Releases: Housing and SFR Data

Single-Family Rent Index

CoreLogic | Press Release | February 20, 2024

Key Takeaways:

• U.S. single-family rent growth increased by 2.8% YoY in December, after increasing 2.7% YoY in November.
• “This was the highest rate recorded since the summer but generally in line with pre-pandemic numbers.” (CoreLogic)

Case-Shiller Home Price Index

S&P CoreLogic | Press Release | February 27, 2024

Key Takeaways:

• The National Price Index reported a 5.5% annual change in December, after reporting a 5.1% annual change in November.
• “All 20 markets reported yearly gains for the first time this year, with four markets rising over 8%. Portland eked out a positive annual gain after 11 months of declines.” (Brian Luke, S&P DJI)
• 17 out of the 20 major metro markets reported month-over-month price decreases.

January Rental Report

Realtor.com | Press Release | February 22, 2024

Key Takeaways:

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

• Despite the six months of decline, the U.S. median rent was just $46 (-2.6%) less than the peak seen in August 2022.

• The YoY rent for rental properties in the South declined -1.2%, after declining -0.5% in December. This decline was led by Memphis (-5.5%), Atlanta (-3.8%), Austin (-3.6%), St Louis (-3.6%) and Miami (-3.4%).

New Residential Construction

HUD | Press Release | February 16, 2024

Key Takeaways: 

• Starts for buildings with 5+ units were down -35% MoM in January, reaching its lowest level since May 2020, while single-family home starts were only down -4.7% MoM.
• Completions for buildings with 5% units were up 6% MoM, while single-family home completions were down -16% MoM.
• Permits for buildings with 5+ units were down -9% MoM reaching a level not seen since April 2020. 

New Residential Sales

HUD | Press Release | February 26, 2024

Key Takeaways:

• New Home Sales were up 1.5% MoM in January on a seasonally adjusted basis after increasing 8% MoM in December.
• New Home Sales in the Northeast region increased 72% MoM, reaching its highest level since March 2023.
• New Home Sales in the South decreased -15% MoM, reaching a level not seen for that region since September 2022.

Existing Home Sales

NAR | Press Release | February 22, 2024

Key Takeaways:

• Existing home sales increased by 3.1% MoM in January after decreasing -1% MoM in December.
• Total inventory in January was up 2% from December and up 3.1% from one year ago
• The median existing-home price for all housing types in January was $379,100, an increase of 5.1% YoY.
• According to the Realtors Confidence Index, homes typically remained on the market for 36 days, up from 29 days in December.

Pending Home Sales Index

NAR | Press Release | February 29, 2024

Key Takeaways:

• Pending home sales decreased -4.9% MoM in January, after increasing 8.3% MoM in December.
• The Pending Home Sales Index declined YoY for all four regions.
• The Northeast and West posted monthly gains in transactions while the Midwest and South recorded losses.