A stronger-than-usual spring leasing season has given the U.S. single-family rental market a boost, although annual rent growth remained well below last year’s pace, according to Cotality’s latest Single-Family Rent Index.
National single-family rents increased 1.3% year-over-year in May, down from the 2.6% annual growth recorded in May 2025. Looking only at the spring leasing season, however, rents rose 2.2% between February and May, topping gains of 1.9% during the same period last year and 1.4% in 2024.
“The May data tells two different stories,” Molly Boesel, senior principal economist at Cotality, said in the report. Annual rent growth remained subdued, but stronger spring gains point to improving momentum heading into the summer leasing season.
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Regional performance varied sharply. Chicago posted the nation’s strongest annual rent growth at 4.8%, followed by Detroit at 3.5%, Philadelphia at 2.9% and New York at 2.8%.
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