--- title: Key Rental Housing Data Release Summary for November 2023 description: The Consumer Price Index (CPI) slows, unemployment rate increases, and single-family permits remain strong --- [PlanOmatic Blog | Insights on Property Marketing and Management ](https://www.planomatic.com/blog) # [Key Rental Housing Data Release Summary for November 2023](https://www.planomatic.com/blog/key-rental-housing-data-release-summary-for-november-2023) Written by [PlanOmatic](https://www.planomatic.com/blog/author/planomatic) | Nov 30, 2023 5:11:27 PM ## Monthly Releases: Economic Indicators ### **Consumer Price Index** *Bureau of Labor Statistics | *[*Press Release*](https://www.bls.gov/news.release/cpi.nr0.htm)* | November 14, 2023* Headline: [Inflation was flat in October from the prior month, core CPI hits two-year low ](https://www.cnbc.com/2023/11/14/cpi-inflation-report-october-2023.html)(CNBC) Key Takeaways: - The index **excluding Food & Energy (“Core Inflation”) increased 4%** over the last 12 months, after increasing 4.1% in the 12 months ending in September. This is its smallest increase since the 12 months ending in September 2021. - The **All Item CPI increased 3.2%** for the 12 months ending in October, after increasing 3.7% in the 12 months ending in September. - On a month-over-month basis, the **All Item CPI remained unchanged** from September. - “Shelter costs, a key component in the index, rose 0.3% in October, half the gain in September as the **year-over-year increase eased to 6.7%**. Within the category, owner’s equivalent rent, which gauges what property owners could command for rent, increased by 0.4%. A subcategory that includes hotel and motel pricing dropped 2.9%.” (CNBC) ### **Small Business Optimism Index** *National Federation of Independent Business | *[*Report*](https://strgnfibcom.blob.core.windows.net/nfibcom/SBET-October-2023.pdf)* | November 14, 2023* Key Takeaways: - The Small Business Optimism Index **decreased by 0.1 points in October to 90.7, **following a 0.5 point decrease in September. - 22% of owners reported inflation as their number one business concern, **down 1 point from the previous month.** - A net negative 17 percent of all owners (seasonally adjusted) reported higher nominal sales in the past three months, **down 9 points from September and the lowest reading since July 2020.** ### **Employment Situation Summary** *Bureau of Labor Statistics | *[*Press Release*](https://www.bls.gov/news.release/empsit.nr0.htm)* | November 3, 2023* Headline: [U.S. Job Growth Shows Signs of Slowdown](https://www.nytimes.com/live/2023/11/03/business/jobs-report-october-economy) (New York Times) Key Takeaways: - The unemployment rate ticked up slightly **from 3.8% to 3.9%.** - Total nonfarm payroll employment **increased by 150,000 in October**, compared with an increase of 297,000 (revised) in September and an **average monthly increase of 250,000 over the last 12 months**,  - “The October numbers may have been held down because the survey was taken during major work stoppages… Some 96,000 people reported being out of work because of a strike or labor dispute in October, **the most since 1997.**” (New York Times) - The unemployment rate (3.9%) and the number of unemployed persons (6.5 million) are **up 0.5 percentage points and 849,000 respectively since their lows in April 2023**.  ### **Consumer Sentiment** *University of Michigan | *[*Press Release*](http://www.sca.isr.umich.edu/)* | November 22, 2023* Key Takeaways per Joanne Hsu, Survey Director:  - Consumer sentiment **fell 4% in November**, marking the 4th consecutive month of declines. - “Long-run business conditions **plunged by 15%** to its lowest since July 2022. Younger and middle-aged consumers exhibited strong declines in economic attitudes this month, while the sentiment of those 55 and older improved from October.” (Joanne Hsu) - **Year-ahead inflation expectations rose to 4.5%** this month, up from 4.2% in October, reaching its highest reading since April 2023. ### **Consumer Spending** *Bureau of Economic Analysis | *[*Press Release*](https://www.bea.gov/news/2023/personal-income-and-outlays-october-2023)* | November 30, 2023*  Headline: [US consumer spending cools; labor market gradually slowing](https://www.reuters.com/markets/us/us-consumer-spending-slows-october-weekly-jobless-claims-rise-slightly-2023-11-30/) (Reuters) Key Takeaways - Core PCE Index, excluding food and energy: - +0.2% MoM (September: +0.3% MoM) - **+3.5% YoY** (September: +3.7% YoY )<< this is a key metric tracked by the Fed  - Personal Consumer Expenditures (dollars) ticked up **0.2% MoM in October **after increasing 0.7% in September.  - “U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2.5 years.” (Reuters) ## Monthly Releases: Housing and SFR Data ### **Single-Family Rent Index** *CoreLogic | *[*Press Release*](https://www.corelogic.com/intelligence/us-annual-rent-growth-relaxes-17th-straight-month-september/)* | November 21, 2023* Key Takeaways: - Annual U.S. single-family rent growth slowed to 2.6% in September, **the 17th consecutive month of declines**. - “Single-family rent growth eased again in September and is **now back to the rate recorded before the pandemic**.” (Molly Boesel, CoreLogic) - St. Louis (6.5%), San Diego (6%), and Boston (5.1%) posted the **highest annual rent growth**, while Austin (-1.4%), Miami (-0.7%), and Las Vegas (-0.2%) saw slight year-over-year **rental cost decreases**. ### **Case-Shiller Home Price Index** *S&P CoreLogic | *[*Press Release*](https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-continued-to-trend-upward-in-september/)* | November 28, 2023* Key Takeaways: - The National Price Index reported a **3.9% annual change in September**, after reporting a 2.6% annual change in August. - “On a year-to-date basis, the National Composite has risen 6.1%, which is well above the median full calendar year increase **in more than 35 years of data**.” (Craig Lazzara, S&P DJI) - The Northeast (+5.3%) and Midwest (+5.0%) continue as the nation’s strongest regions on a year-over-year basis, while the West (-1.3%) remains the weakest. ### **October Rental Report** *Realtor.com | *[*Press Release*](https://www.realtor.com/research/october-2023-rent/)* | November 28, 2023* Key Takeaways: - October marks the **sixth month of YoY rent decline** in a row for 0-2 bedroom properties at -0.5%, after a -0.6% YoY decline in September. - The median asking rent in the 50 largest metros dropped to $1,729, **down by $18 from last month and down $47 from the peak** seen in July 2022.    - “Specifically, if the completion rate observed in October 2023 persists throughout an entire year, we can anticipate 417,000 additional units, a 0.9% growth in the rental housing stock to nearly 48 million units by fall 2024 across the U.S, a level that is **3.5% higher than the fall 2019 pre-pandemic rental stock**.” (Danielle Hale and Jiayi Xu) ### **New Residential Construction** *HUD | *[*Press Release*](https://www.census.gov/construction/nrc/current/index.html)* | November 17, 2023* Key Takeaways:  - Building permits for single-family homes increased for the 11th consecutive month, **reaching a level not seen since May 2022**. - Starts are **up 13% YoY for single-family homes**, and down 31% YoY for Multi-Family buildings with 5+ units - Completions YTD through October are down 1% for single family homes compared with 2022 and are **up 25% for Multi-Family buildings with 5+ units**.  ### **New Residential Sales** *HUD | *[*Press Release*](https://www.census.gov/construction/nrs/current/index.html)* | November 27, 2023* Key Takeaways: - New Home Sales were **down 5.6% MoM and up 17.7% YoY in October**, after a strong September that was up 16.6% MoM. - The supply of new homes for sale at the end of October **increased to 7.8 months** according to the current sales rate, an increase of 13% compared to September. ### **Existing Home Sales** *NAR | *[*Press Release*](https://www.nar.realtor/newsroom/existing-home-sales-receded-4-1-in-october)* | November 21, 2023* Key Takeaways: - Existing home sales **declined 4.1% MoM in October**, and decreased 14.6% YoY.  - **Unsold inventory grew 1.8%** from the previous month. - The **median existing-home price increased 3.4%** YoY to $391,800. - “Multiple offers are still occurring, **especially on starter and mid-priced homes**, even as price concessions are happening in the upper end of the market.” (NAR Chief Economist Lawrence Yun) ### **Pending Home Sales Index** *NAR | *[*Press Release*](https://www.nar.realtor/newsroom/pending-home-sales-fell-1-5-in-october)* | November 30, 2023* Key Takeaways: - Pending home sales **decreased -1.5% MoM** in October, after increasing by 1.1% MoM in September.  - The index dropped to 71.4 in October, **the lowest number since the index was originated in 2001**. The **Northeast region saw a slight MoM increase (+2.7%)** while the other three regions saw a MoM decrease. ## Quarterly Earnings ### **AMH** [*Press Release*](https://s29.q4cdn.com/671712101/files/doc_financials/2023/q3/AMH-Reports-Third-Quarter-2023-Financial-and-Operating-Results.pdf)* | November 2, 2023* Headline: [American Homes 4 Rent reports Q3 earnings, surpasses revenue expectations](https://uk.investing.com/news/stock-market-news/american-homes-4-rent-reports-q3-earnings-surpasses-revenue-expectations-93CH-3220260) (Investing.com) Key Takeaways: - Average monthly **realized rent per property increased 6.8%** compared with the third quarter of 2022 for the company’s Same-Home Portfolio. - Average Occupied Days Percentage was 95.6% for the third quarter of 2023, **compared to 96.2%** for the second quarter of 2023. - As of September 30, 2023, the Company’s **wholly-owned portfolio consisted of 59,092 homes**, compared to 58,693 homes as of June 30, 2023,  - AMH saw an increase of 399 homes during the third quarter of 2023, which included **615 newly constructed homes delivered through the AMH Development Program** and 8 homes acquired through traditional acquisition channels, offset by 224 homes sold to third parties. AMH also developed an additional 99 newly constructed homes which were delivered to unconsolidated joint ventures ### **Tricon Residential** [*Press Release*](https://www.businesswire.com/news/home/20231107769062/en/Tricon-Reports-Q3-2023-Results-as-Strong-Property-Fundamentals-Continue)* | November 8, 2023* Headline: [Tricon Reports Q3 2023 Results as Strong Property Fundamentals Continue](https://www.businesswire.com/news/home/20231107769062/en/Tricon-Reports-Q3-2023-Results-as-Strong-Property-Fundamentals-Continue) (BusinessWire) Key Takeaways: - Same home NOI growth for the single-family rental portfolio in Q3 2023 was **6.0% year-over-year** and the same home NOI margin was 68.5% - Same home operating metrics remained consistently strong, **including occupancy of 97.4%**, annualized turnover of 18.8%, and blended rent growth of 6.8% (comprised of new lease rent growth of 6.9% and renewal rent growth of 6.7%) - Tricon acquired **410 homes during the quarter** at an average price of $310,000 per home and lowered the 4th quarter acquisition target to 250 homes. The company also disposed of 175 homes, **bringing the total managed portfolio to 37,478.** [View full post](https://www.planomatic.com/blog/key-rental-housing-data-release-summary-for-november-2023) ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "PlanOmatic" }, "dateModified" : "2024-08-22T01:23:27.849Z", "datePublished" : "2023-11-30T17:11:27Z", "headline" : "Key Rental Housing Data Release Summary for November 2023", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://6830076.fs1.hubspotusercontent-na1.net/hubfs/6830076/Imported_Blog_Media/Blog-post-hero-image-1-Aug-22-2024-01-21-59-9175-AM.png", "width" : 1000 }, "mainEntityOfPage" : "https://www.planomatic.com/blog/key-rental-housing-data-release-summary-for-november-2023", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "height" : 60, "url" : "/hs/hsstatic/content_shared_assets/static-1.4092/img/default-amp-logo.png", "width" : 60 }, "name" : "PlanOmatic Insights" } } ```