Single-family rents in the U.S. rose 0.9% nationally in the month of October compared to October 2024. However, increases were most notable in high-end properties and in markets in the Midwest, according to Cotality’s newest single-family rent index (SFRI).
Moreover, 40 of the 50 largest metros experienced lower annual rent growth compared to the previous year, the rate rose 2.8% between 2023 and 2024. Eighteen markets saw outright declines – half of them in Florida.
But still, rents remain higher nationwide than before the pandemic. Despite a slowdown since March 2022, averages are still 9% above their level that year.
“This trend reflects a normalization process rather than a reversal, as affordability challenges and regional dynamics continue to shape rent performance,” commented Molly Boesel, Cotality’s senior principal economist.
Nationally, rents for high-end properties rose 1.4% in October from their level in October 2024, when they rose 3.3%. There was a 0.4% drop in low-end rents over the year, compared to a 2.7% gain the previous October.
Rent for detached properties rose 0.8% in October and 1% for attached rentals.
There were clear differences between the national and some regional data. For the second year in a row, rents declined in some Florida metros, especially Cape Coral and North Port, while Midwest markets like Chicago and Detroit remained resilient.
Rent deceleration was clearest in lower-end properties, where tenants are more exposed to affordability challenges and economic pressures.
Demand for higher-priced properties, though moderating, remains relatively more resilient, the report noted. The highest growth in October occurred in Chicago (up 4.6%), Washington, DC and Detroit (up 2.4% each), with Philadelphia (up 2.2%), and Los Angeles (up 0.6%).
The nation’s lowest rent growth was again in Dallas, where rents fell 1.3%. In Miami, the drop was 0.9%.
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