Skip to main content

Median Rent Levels Rising Again

Jun 28, 2018
Renters in 27 of the nation’s 35 largest housing markets are seeing an increase in their median rent levels, according to the latest Zillow Real Estate Market Report

Renters in 27 of the nation’s 35 largest housing markets are seeing an increase in their median rent levels, according to the latest Zillow Real Estate Market Report.
 
Rent growth has been at an annualized appreciation rate between two percent and three percent over the past 11 months, with median rent increasing 2.1 percent over the past year to $1,440 per month. In some markets, the appreciation is greater, most notably Riverside, Calif. (up 6.5 percent), Las Vegas (up 4.4 percent) and Phoenix and Atlanta (both up four percent). Dallas-Fort Worth, Washington, D.C., and Diego were the only major markets with double-digit year-over-year rental inventory increases in May: Up 32.6 percent, 25.6 percent and 19.8 percent, respectively.
 
"Over the past two years, rent growth slowed across the country as new apartments hit the market and renters with the financial means to do so increasingly became homeowners," said Zillow Senior Economist Aaron Terrazas. "The slowdown in rent growth was most prominent in the markets that moved most quickly to add units, either because it was easy to build or because of local demands. But the ever-swinging pendulum is again on the move. This spring rent appreciation has perked back up nationwide, though it remains well within a long-term sustainable range. The ebb-and-flow of supply and demand is following slightly different timeliness in different markets, but over the past two years, we have seen similar trends in markets from the Southeast to the Northwest."
Renters in 27 of the nation’s 35 largest housing markets are seeing an increase in their median rent levels, according to the latest Zillow Real Estate Market Report

 
About the author
Published
Jun 28, 2018
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024