Cotality: Single-Family Rents Up 2.9% in March

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Cotality, Irvine, Calif., released its latest Single-Family Rent Index, finding that single-family rent prices rose 2.9% year-over-year in March.

That’s a slight increase compared with March 2024, which saw an annual bump of 2.8%.

It’s also the third consecutive increase for single-family rent prices.

Looking specifically at high-end properties, rents increased 3.5% year-over-year in March, compared with 2.9% in March 2024. But, low-end rent prices were only up 2.1% year-over-year in March, compared with 2.7% in March 2024.

Rents were consistent across detached and attached rentals–both up by 2.8%.

Looking at specific areas, Los Angeles saw continued higher rent growth after the January wildfires, topping the index at 6.8%. Washington, D.C., followed at 6%.

The lowest single-family rent growth was recorded in Dallas, down 0.5%. Miami also saw low rent growth, at just 1.5%.

“Single-family rent growth picked up for the third consecutive month in March, appearing to have bottomed out in December of last year,” said Molly Boesel, Cotality Senior Principal Economist. “National trends are firming. Markets with large numbers of new rental units coming online showed softness in single-family rents, as these new units give renters some bargaining power. This can be seen in the single-family rent growth in Dallas, which showed an annual decrease of 0.5% in March.”