Core Insights - Single-family rent growth is slowing down significantly, with July's increase at 2.3%, down from 3.1% a year ago, indicating a broader weakening across metro areas and price tiers [2][3] - The national average rent growth for high-end properties decreased to 2.9% from 3.2% year-over-year, while low-end rents saw a drop from 2.8% to 1.6% [7] - Chicago leads the largest metropolitan markets with a rent growth of 5.1%, while Miami experienced no rent growth, contrasting sharply with the previous year's 40% increase [6] Industry Trends - The single-family rental market had previously outperformed the apartment rental market due to high demand and limited supply in the for-sale market, but this trend is now reversing [8] - Single-family rental REITs, such as Invitation Homes and American Homes 4 Rent, have been expanding their rental communities to meet demand, but the recent slowdown may prompt a reevaluation of their growth strategies [9][10] - The largest single-family rental REITs are currently selling more homes than they are acquiring, focusing on consolidating into full rental communities rather than standalone properties [10]