For the first time since 2012, rents nationwide remained at the same level on a year-over-year measurement, according to new data from Zillow
. The median rent level stood at $1,440.
Zillow added that rent appreciation has remained below three percent annual increase for the past 27 months, while the median rent fell on an annual basis in 19 of the 35 largest markets. The greatest decline in rent was in Portland, where the $1,834 median is 1.8 percent lower than one year earlier. The greatest rent appreciation was Riverside, Calif., where it rose 3.7 percent over the past year to $1,899.
“Earlier this year, the housing market was a story of diverging paths, with rents steadily cooling and home values picking up speed,” said Zillow Senior Economist Aaron Terrazas. “Normally rents and home values are tied together, but strong apartment construction and a surge of young homebuyers contributed to this historical anomaly.”