---
title: Key Rental Housing Data Release Summary for February 2024
description: Stay informed with February 2024's key rental housing data including economic indicators, consumer sentiment, and housing market trends.
---

[PlanOmatic Blog | Insights on Property Marketing and Management ](https://www.planomatic.com/blog)

# [Key Rental Housing Data Release Summary for February 2024](https://www.planomatic.com/blog/key-rental-housing-data-release-summary-for-february-2024)

 Written by [PlanOmatic](https://www.planomatic.com/blog/author/planomatic) | Mar 6, 2024 8:21:54 PM

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*](https://www.bls.gov/news.release/cpi.nr0.htm)* | 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*](https://strgnfibcom.blob.core.windows.net/nfibcom/SBET-Jan-2024.pdf)* | 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*](https://www.bls.gov/news.release/empsit.nr0.htm)* | February 2, 2024*

Headline: [The US didn’t just avoid a recession — it’s adding hundreds of thousands of new jobs](https://apnews.com/article/jobs-hiring-unemployment-economy-inflation-federal-reserve-f314482e7e9d85e7db0e3f8713bb6273) (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*](http://www.sca.isr.umich.edu/)* | 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*](https://www.bea.gov/news/2024/personal-income-and-outlays-january-2024)* | February 29, 2024*

Headline: [Key Fed inflation measure rose 0.4% in January as expected, up 2.8% from a year ago](https://www.cnbc.com/2024/02/29/pce-inflation-january-2023-.html) (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*](https://www.corelogic.com/intelligence/us-single-family-rent-index-february-2024/)* | 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*](https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-reports-55-annual-home-price-gain-for-calendar-2023/)* | 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*](https://www.realtor.com/research/january-2024-rent/)* | 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*](https://www.census.gov/construction/nrc/current/index.html)* | 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*](https://www.census.gov/construction/nrs/current/index.html)* | 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*](https://www.nar.realtor/newsroom/existing-home-sales-rose-3-1-in-january)* | 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*](https://www.nar.realtor/newsroom/pending-home-sales-receded-4-9-in-january)* | 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.

[View full post](https://www.planomatic.com/blog/key-rental-housing-data-release-summary-for-february-2024)

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