Rents around the U.S. are growing more slowly than they have in years
Summary
Rent prices in the U.S. are rising more slowly than in recent years. In March, the typical rent was $1,910 per month, increasing 1.8% from a year earlier, the slowest growth rate since December 2020.Key Facts
- The typical monthly rent in March was $1,910, up 1.8% from the previous year.
- This is the slowest rate of rent growth since December 2020.
- Single-family home rents rose 2.5% annually, the slowest since Zillow began tracking in 2015.
- Multifamily home rents were $1,757 in March, up 1.3% from a year ago.
- Rent prices fell in some large cities, including Austin (-2.3%), Tampa (-1.6%), and San Antonio (-1.6%).
- The median household spent 26.5% of income on rent last month.
- To afford the typical rent comfortably, a household needs an income of at least $76,400 per year, 35% higher than before the pandemic.
- Since early 2020, single-family rents increased nearly 45%, and multifamily rents rose 28%.
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