Cotality: Single-Family Rent Growth Continues to Slow

(Image courtesy of Erik Mclean/pexels.com)

Cotality, Irvine, Calif., reported in its Single-Family Rent Index that prices for such properties increased 1.1% year-over-year in November.

That’s a step down from the 2.5% annual increase notched last November.

Broken down by property type, rent for high-end properties increased 2% year-over-year in November, down from 2.7% in November 2024. Low-end property prices were flat year-over-year, compared with 2.8% in November 2024.

For detached rentals, growth was 0.8% in November. For attached rentals, it grew 1.1%.

“Rent growth slowed to its weakest pace in more than 15 years, signaling a broad-based cooling across the U.S. rental market as the market is adjusting after years of rapid increases,” said Molly Boesel, senior principal economist at Cotality. “While Miami, Houston, and Dallas posted annual declines, rents remain significantly higher than five years ago. Miami alone is up 51%, nearly double the national average of 27%. The slowdown in rent growth is widespread: 43 of the 50 largest metros are seeing weaker growth than a year ago, and 16 are registering outright decreases. Florida leads in annual declines, while Chicagoland metros top the list for increases. Even high-end rentals, which posted the strongest annual gains, show long-term growth converging across all price tiers, reflecting normalization across segments.”