Rental rates for single-family homes continue to rise in Los Angeles and Chicago, but the second- and third-largest cities in the United States are outliers for a nationwide slowdown in rental rates across major metropolitan markets and property types.
Rents for single-family properties increased just 1.4 percent in August, global property analytics firm Cotality reported on Oct. 23. That’s less than half of rental rate growth for the same month in 2024 and the lowest level recorded in the past 15 years, said Molly Boesnel, Cotality’s senior principal economist.
Rents in Chicago climbed 4.7 percent for the month, followed by Los Angeles at 2.8 percent and Philadelphia at 2.7 percent. However, rents were mostly stagnant in Houston (0.5 percent), Miami (0.1 percent) and declined in Dallas (0.6 percent)….