Single-family rental growth continued to moderate in April, as rent gains slowed nationally and the once red-hot Sun Belt markets that fueled recent growth began to lose momentum.
According to Cotality's latest Single-Family Rent Index, U.S. single-family rents increased 1.4% year over year in April 2026, down from a 2.8% annual gain recorded in April 2025. Annual growth has remained within a narrow 1%-1.5% range since fall 2025, suggesting the market has entered a more stable phase following a sharper deceleration.
"Single-family rent growth has shifted into a slower gear, with annual gains continuing to ease even as monthly increases remain in line with typical seasonal patterns," said Molly Boesel, senior principal economist at Cotality.
The slowdown has not been uniform across markets or renter segments.
Higher-priced rentals continued to outperform lower-priced homes, with high-end single-family rents rising 2.1% year over year in April. That compares with a 0.6% increase for low-end rentals, where affordability constraints appear to be limiting rent growth. Detached rental properties saw rents increase 1.1% year over year, while attached rentals posted a 1% gain.
Regionally, the strongest rent growth shifted toward Midwest and Northeast markets. Chicago led the nation's largest metros with a 5.5% annual increase, followed by Philadelphia at 3%, New York at 2.6% and Detroit at 1.8%.
Meanwhile, several Sun Belt markets that previously posted outsized gains stabilized or declined. Miami rents fell 0.4% year over year, Los Angeles declined 0.5%, Houston was nearly flat at 0.1%, and Dallas increased just 0.6%.
The regional reset reflects a broader normalization in single-family rental markets after several years of rapid growth driven by migration trends, affordability pressures in homeownership, and strong demand for suburban housing.
Eleven of the 50 largest U.S. metros recorded annual rent declines in April, including eight in Florida. Thirty-six metros saw slower rent growth compared with the prior year.
Los Angeles experienced the largest slowdown, moving from 5.2% annual growth in April 2025 to a 0.5% decline in April 2026. Washington, D.C., also saw a significant pullback, with annual rent growth slowing from 4.4% to 0.8%.
While rent growth has cooled, Cotality noted that fewer markets are experiencing outright declines, suggesting a rental market stabilizing at lower growth levels rather than entering a broad downturn.
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