Incomes outpacing rent hikes for first time in years: Zillow
Summary
In March, rent prices increased by 1.8% compared to the previous year, which is the slowest growth since 2020. At the same time, incomes have started to grow faster than rent for the first time in several years, according to Zillow.Key Facts
- Rent increased by 1.8% in March on an annual basis.
- This is the slowest rent growth rate since 2020.
- Incomes are now rising faster than rent prices.
- The trend marks the first time in years that income growth has outpaced rent increases.
- Zillow provided this information based on its data.
- The slower rent growth may affect housing affordability.
- The report compares rent and income changes year over year.
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