---
title: Key Rental Housing Data Release Summary for March 2024
description: Stay updated with key rental housing data for March 2024, including economic indicators, housing trends, and market insights.
---

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

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

 Written by [PlanOmatic](https://www.planomatic.com/blog/author/planomatic) | Apr 1, 2024 8:59:14 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)* | March 12, 2024*

Headline: [Consumer prices rose 0.4% in February and 3.2% from a year ago](https://www.cnbc.com/2024/03/12/cpi-inflation-report-february-2024-.html) (CNBC)

Key Takeaways:

- The index **excluding Food & Energy (“Core Inflation”) increased 3.8%** over the last 12 months, after increasing 3.9% in the 12 months ending in January.
- The **All Item CPI increased 3.2%** for the 12 months ending in February, more than the 3.1% increase in the 12 months ending in January.
- “Excluding volatile food and energy prices, the core CPI rose 0.4% on the month and was up 3.8% on the year. **Both were one-tenth of a percentage point higher than forecast.**” (CNBC)

### **Small Business Optimism Index**

*National Federation of Independent Business | *[*Report*](https://strgnfibcom.blob.core.windows.net/nfibcom/SBET-Feb-2024.pdf)* | March 12, 2024*

Key Takeaways:

- The Small Business Optimism Index **decreased by half a point in February to 89.4**, after decreasing 2 points in January.
- 37% of all owners reported job openings they could not fill in the current period, down 2 points from January and the **lowest reading since January 2021.**
- “In February, 39% of Small Business Owners expected ‘worse’ conditions in six months, **only 7% expected ‘better.**’” (NFIB)

### **Employment Situation Summary**

*Bureau of Labor Statistics | *[*Press Release*](https://www.bls.gov/news.release/empsit.nr0.htm)* | March 8, 2024*

Headline: [U.S. job growth totaled 275,000 in February but unemployment rate rose to 3.9%](https://www.cnbc.com/2024/03/08/jobs-report-february-2024-us-job-growth-totaled-275000.html) (CNBC)

Key Takeaways:

- Total nonfarm payroll employment **increased by 275,000 in February, **after increasing 353,000 in January, ending a streak of four consecutive months of increasing numbers.
- The unemployment rate **increased to 3.9% in February, **up from 3.7% in January.
- Employment in the transportation and warehousing industry is **down by 144,000** since reaching a peak in July 2022.
- “Job creation topped expectations in February, but the unemployment rate moved higher and employment growth from the **previous two months wasn’t nearly as hot as initially reported.**” January was revised down to 229,000 from 353,000, and December was revised down to 290,000 from 333,000. (CNBC)

### **Consumer Sentiment**

*University of Michigan | *[*Press Release*](http://www.sca.isr.umich.edu/)* | March 28, 2024*

Key Takeaways per Joanne Hsu, Survey Director: 

- Consumer sentiment saw a **marginal decrease of 0.4 index points** from the previous month – well within the margin of error.
- Sentiment remained almost **25% above November 2023 **and is currently halfway between the historic low reached during the peak of inflation in June 2022 and pre-pandemic readings.
- Year-ahead inflation was unchanged from February at 3.0%. For the third straight month, **short-run inflation expectations have fallen within the 2.3-3.0% range seen in 2018 and 2019**.

### **Consumer Spending**

*Bureau of Economic Analysis | *[*Press Release*](https://www.bea.gov/news/2024/personal-income-and-outlays-february-2024)* | March 29, 2024*

Headline: [US inflation moderating; consumer spending underpinning economy](https://www.reuters.com/markets/us/us-inflation-increases-moderately-february-consumer-spending-surges-2024-03-29/) (Reuters)

Key Takeaways

- Core PCE Index, excluding food and energy: 
    - +0.3% MoM (January: +0.5% MoM)
    - **+2.8% YoY** (January: +2.9% YoY ) << this is a key metric tracked by the Fed 
- The Overall PCE Price Index **increased 0.3% MoM and increased 2.5% YoY**
- “U.S. prices moderated in February, with the cost of services outside housing and energy slowing significantly, **keeping a June interest rate cut from the Federal Reserve on the table.**” (Reuters)

## Monthly Releases: Housing and SFR Data

### **Single-Family Rent Index**

*CoreLogic | *[*Press Release*](https://www.corelogic.com/press-releases/us-year-over-year-rent-growth-holds-at-less-than-3-january/)* | March 22, 2024*

Key Takeaways:

- U.S. single-family rent growth **increased by 2.6% YoY in January**, after increasing 2.8% YoY in December and increasing 5.5% YoY in January 2023.
- U.S. Rent growth both annually and monthly has **not been in double digits since the fall of 2022**.
- Honolulu (6%) and Seattle (5.2%) posted the highest YoY increases, while **four metros posted annual rental price decreases**: Miami (-2.4%), Austin (-2.3%), New Orleans (-1%), and Minneapolis (-0.9%).

### **Case-Shiller Home Price Index**

*S&P CoreLogic | *[*Press Release*](https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20240326-1471289/1471289_cshomeprice-release-0326.pdf)* | 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*](https://www.realtor.com/research/february-2024-rent/)* | 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*](https://www.census.gov/construction/nrc/current/index.html)* | March 19, 2024*

Key Takeaways: 

- Starts for buildings with 5+ units recovered slightly, **increasing 8.6% MoM in February after decreasing -28% MoM in January**. 
- Starts for single-family units increased 11.6% MoM and **increased 35% YoY compared with February 2023.**
- Permits for buildings with 5+ units were up slightly MoM with a 2.4% increase, and **are down -32.8% YoY compared with February 2023.**
- Permits for **single-family units increased 29.5% YoY** compared with February 2023.

### **New Residential Sales**

*HUD | *[*Press Release*](https://www.census.gov/construction/nrs/current/index.html)* | March 25, 2024*

Key Takeaways:

- New Home Sales were **down -0.3% MoM in February** on a seasonally adjusted basis after increasing 1.5% MoM in January.
- New Home Sales in the Northeast region **have increased 26% in the last 3 months** compared with the previous 3 months.
- New Home Sales in the **South decreased -7% in the last 3 months** compared with the previous 3 months. 

### **Existing Home Sales**

*NAR | *[*Press Release*](https://www.nar.realtor/newsroom/existing-home-sales-vaulted-9-5-in-february-largest-monthly-increase-in-a-year)* | March 21, 2024*

Key Takeaways:

- Existing home sales **increased 9.5% MoM in February**, the largest monthly increase since February 2023.
- The median existing-home price for all housing types in February was $384,500, **an increase of 5.7% YoY.**
- Individual investors or second-home buyers **represented 21% of existing homes purchased in February**, the highest percentage since January 2022.

### **Pending Home Sales Index**

*NAR | *[*Press Release*](https://www.nar.realtor/newsroom/pending-home-sales-rose-1-6-in-february)* | March 28, 2024*

Key Takeaways:

- Pending home sales **increased 1.6% MoM in February**, after decreasing -4.9% MoM in January.
- The** Midwest index increased 10.6% MoM**, the South increased 1.1%, and the West (-6.5%) and Northeast (-0.3%) both decreased.

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