Rent growth for single-family, investor-owned homes accelerated in March from February lows, but continued to lag year-ago levels by a wide margin across most price tiers.
Resilience in high-end rental properties led the overall monthly increase in Cotality’s Single-Family Rental Index, which was 1.3% higher from a year ago to end the first quarter, less than half the 2.7% annual growth recorded over the previous year.
The national index had increased 1.1% annually in February, the slowest pace of growth since 2010, Cotality reported last month, but March pointed to some signs of stabilization. Pre-2020 annual rent growth averaged 3.3%.
Molly Boesel, senior principal economist at the real estate analytics firm, said in Thursday’s report that the slight rise in rents in March outpaced typical seasonal increases, indicating “some near-term strengthening” though regional trends across major metro markets “remain highly uneven.”
That unevenness also cuts across property types. Rents for pricier properties rose 2.1% from a year ago in March compared to 3.2% growth over the previous 12 months, while the 0.7% growth posted by less expensive rentals was fully one-third the pace of the 2.1% annual growth notched a year ago.
“Rent growth has slowed in 70% of large metros, but the number of outright declines decreased in March, suggesting that geographic softening may be stabilizing,” Boesel commented. “As in previous months, declines were concentrated in Florida.”
Across the 50 largest U.S. markets Cotality tracks, 16 posted annual declines last month, 10 of which were located in Florida. Northeast and Midwest metros, by comparison, continued to outperform regional rivals and national trends.
Chicago experienced nearly 5% annual rent growth in March, while Philadelphia rose 4.7% and New York increased 3.2%. While Chicago and New York each saw slightly lower growth than a year ago, Philadelphia far surpassed last March’s roughly 1.4% gains.
Variable affordability pressures impacting renters and homebuyers have fueled regionalization across national housing trends. Throughout 2025, stalling rents and rising vacancies broadly impacted single-family rental markets as the post-pandemic housing market continues to recalibrate.
