The Bad PlaceHome - CBSNews.com | Rents around the U.S. are growing more slowly than they have in years
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In a new Zillow study, U.S. rents are rising more slowly than in recent years, with the typical March rent at $1,910—a 1.8% annual increase and the slowest growth since December 2020—while single‑family rents rose 2.5% (the smallest rise since 2015) and multifamily rents climbed 1.3%. The slowdown reflects new supply entering the market, normalizing demand, and tighter affordability constraints that limit landlords’ pricing power. Among major cities, rents fell most in Austin (‑2.3%) and also dropped in Tampa and San Antonio (‑1.6% each). Despite the cooling, households still devote about 26.5% of income to rent, meaning a family now needs roughly $76,400 annually to comfortably afford the median rent—a 35% increase from pre‑pandemic levels, after single‑family rents have surged nearly 45% and multifamily rents 28% since early 2020.
Read more: https://www.cbsnews.com/news/rent-apartments-homes-zillow-increase/
AI generated summary, Read the full article for complete information.
Rents around the U.S. are growing more slowly than they have in years
The cost of renting a home, which surged during the pandemic, is showing signs of returning to earth, new data shows.
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