But other reports suggest renters are still feeling strain in the market. When all property types including multifamily apartments are taking into account, asking rents have jumped in several major markets. A Redfin report found that Chicago saw the biggest increase, with median rents up 10.7% to $2,275. San Jose, Philadelphia, Pittsburgh, and Washington, DC also had rent hikes of more than 8%. Only Austin, Louisville, and Jacksonville saw rents drop, with Austin down 3.1%.
A shift from pandemic highs
The deceleration in single-family rent growth nevertheless comes after years of pandemic-driven surges, particularly in Sun Belt metros and gateway cities. As the market normalizes, landlords and investors are adjusting to a new reality of slower gains and, in some cases, stagnant rents.
While demand remains resilient in select markets with tight inventory, the broader trend points to a cooling single-family sector.
Industry analysts have noted that the current environment may offer some relief for renters after several years of rapid escalation. However, the underlying factors—such as limited housing supply and persistent affordability challenges—remain unresolved.
As Boesel noted, “The market is recalibrating, but the fundamentals haven’t dramatically changed.”