Press Release
Rent remains high as single-family rent growth slows
Annual rent growth in November 2025 slowed for the fifth consecutive month.
- U.S. single-family rent prices increased 1.1% year over year in November 2025.
- Among the 10 largest metros, Miami, FL; Houston, TX; and Dallas, TX, saw the largest annual rent declines in November 2025. Across the 50 largest metros, 16 posted decreases, with the steepest drops concentrated in Florida.
- Chicago, IL, continued to see the largest increases in November 2025 at 4.2%.
IRVINE, Calif., January 15, 2026 – Cotality, a leading global property information, analytics, and data-enabled solutions provider, released its latest Single-Family Rent Index (SFRI) with November 2025 data, which analyzes single-family rent price changes nationally and across major metropolitan areas. Single-family rent prices in November 2025 increased 1.1% year over year. This increase is a drop-off from the 2.5% increase we saw between November 2023 and 2024.
“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, Sr. 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."
Rent for high-end properties increased 2% year over year in November 2025, a drop from the 2.7% gain recorded in November 2024. Low-end property prices showed no annual increase in November 2025, a drop from a 2.8% gain in November 2024.
Rent growth for detached rentals was once again 0.8% in November 2025, while it increased 1.1% for attached rentals. While annual rent growth is different across price and property-type tiers, it has consistently risen over the last five years. Low-price rentals saw a cumulative increase of 28%, while all other price and property type tiers experienced a similar 27% increase. For renters, this means affordability challenges are widespread and not concentrated in lower-priced units. For landlords, the trend signals stable revenue growth across segments and broad-based demand.
Although annual rent growth has slowed to low single digits nationally, trends vary significantly across metro areas. Among the 10 largest metro areas, Chicago remained at the top of the list for the highest rent growth, at 4.2% in November 2025. Philadelphia, PA, had the second-highest rent growth at 2.8%, followed by Detroit, MI (2.7%),New York-Jersey City-White Plains, NY-NJ (2.3%), and Los Angeles, CA (2.1%). Rent growth in Dallas, TX, remained negative, with the metroplex posting -0.8%,followed by Houston, TX (-0.7%) and Miami, FL (-0.5%).
The next Cotality Single-Family Rent Index will be released on February 19, featuring data for December 2025. For ongoing housing trends and data, visit the Cotality Insights blog: www.cotality.com/insights.
Methodology
The Cotality Single-Family Rent Index (SFRI) applies a repeat pairing methodology to single-family rental listing data in the Multiple Listing Service. The rental listings used to calculate the index include both attached and detached single-family homes, as well as condominiums. This report shows trends for the U.S. and the 10 largest U.S. metropolitan areas. In addition to these 10 metros, the Cotality SFRI is available for close to 100 metropolitan areas — including approximately 50 metros with four value tiers — and a national composite index. The indices are fully revised with each release to signal turning points sooner.
The Cotality Single-Family Rent Index analyzes data across four price tiers: Lower-priced, which represent rentals with prices 75% or below the regional median; lower-middle, 75% to 100% of the regional median; higher-middle, 100%-125% of the regional median; and higher-priced, 125% or more above the regional median.
Median rent price data is produced monthly by Cotality Rental Trends. Rental Trends is built on a database of more than 11 million rental properties (over 75% of all U.S. individually owned rental properties) and covers all 50 states and 17,500 ZIP codes.
About Cotality
Cotality accelerates data, insights, and workflows across the property ecosystem to enable industry professionals to surpass their ambitions and impact society. With billions of real-time data signals across the life cycle of a property, we unearth hidden risks and transformative opportunities for agents, lenders, carriers, and innovators. Get to know us at www.cotality.com.
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