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
MBA Urges Shift To Single Credit Report Model, Citing Cost Savings And Efficiency

MBA says tri-merge credit checks cost lenders up to $100 per loan, doubling since pre-COVID, as industry pushes for a cheaper, single-report model

Jun 16, 2025
Fairway Acquires Hallmark Home Mortgage Through Asset Purchase

Hallmark to become new Fairway division, gets access to Fairway's Fairway's product portfolio, tech, and support resources

Jun 13, 2025
Trigger Leads Bill Clears Senate

Final push now left to House; reconciled bill needed next

Housing Market Outlook: Brighter Days To Come

NAR Chief Economist Yun calls lower mortgage rates ‘magic bullet’ to boost home sales

Jun 11, 2025
Redfin Shareholders Say Yes To Acquisition By Rocket

Nearly 99% of Redfin shareholders vote to approve merger, though fewer vote yes to compensation for company’s execs

Jun 10, 2025
Play Ball: Ishbias Could Add Another Team To Their Roster

Justin Ishbia in agreement to potentially take over as owner of Chicago White Sox — but not for several years yet

Jun 09, 2025