Single-family rent growth across the United States decelerated sharply in October 2025, signaling a broad market normalization following years of pandemic-driven gains, according to new data from Cotality. Florida markets led the decline after experiencing some of the fastest rent increases in recent years.
Cotality’s Single-Family Rent Index, which tracks rent changes nationally and across major metros, showed rents rising just 0.9% year over year from October 2024, down from a 2.8% increase during the same period in 2024. The slowdown was widespread: 40 of the 50 largest U.S. metro areas posted weaker rent growth than a year earlier, and 18 recorded outright declines. Half of those declines occurred in Florida, highlighting a correction in markets that had previously seen outsized gains.
“While this moderation is notable, rents remain elevated compared to pre-pandemic levels,” said Molly Boesel, senior principal economist at Cotality. “Annual growth peaked in March 2022, and even after three years of slowing, the national index in October was still 9% above the 2022 average. This reflects a normalization rather than a reversal, as affordability and regional dynamics continue to shape rent performance.”
The slowdown affected all rental segments, with the sharpest moderation at the lower end. High-end single-family rents rose 1.4% year over year in October, down from a 3.3% increase in October 2024. Low-end rents increased just 0.4%, compared with a 2.7% gain a year earlier, indicating that affordability pressures are weighing more heavily on cost-sensitive renters.
By property type, detached single-family homes saw rents rise 0.8% year over year, while attached rentals increased slightly more, by 1%. Regional differences remain significant. Florida metros such as Cape Coral and North Port posted two consecutive years of rent declines, reflecting a pullback after steep pandemic-era gains. In contrast, Midwest markets showed relative resilience, supported by steadier demand and moderate price levels.
Among the 10 largest U.S. metro areas, Chicago led with 4.6% annual rent growth in October, followed by Washington, D.C., and Detroit at 2.4%, Philadelphia at 2.2%, and Los Angeles at 0.6%. At the lower end, Dallas saw rents fall 1.3% year over year.
Overall, the data suggest a cooling rental market rather than a collapse. Rent growth is slowing from historically high levels, with affordability constraints and local supply-demand dynamics increasingly determining which markets see price increases and which experience declines.
