Rents for single-family homes only rose 1.4% in August, down from 2.3% in July and 3% last year, marking the smallest increase in 15 years. Rent growth weakened across all price points, with Chicago leading at 4.7% and Dallas seeing a 0.6% decline, due to excess supply.

High-end properties saw 1.6% annual rent growth in August, while low-end prices increased by 1.1%. Multifamily apartment rents have been cooling due to a construction boom, with national rent prices down 0.8% in September. The national multifamily vacancy rate hit a record high of 7.1% in September.

The national median monthly rent in September was $1,394, down from $1,405 in 2024. Despite the slight decline, rents remain 22% higher than in January 2021. Local factors like recovery efforts, limited housing supply, and regional economic factors continue to influence rental trends.

Read more at CNBC: Single-family rent growth hits lowest level in 15 years