Rent Growth Slows, Savings Grow for Renters

Rent growth in the U.S. is finally slowing down, with the average asking rent increasing by just 1.8% year over year in March, according to Zillows latest report. Single-family rents rose by 2.5%, while multifamily units saw a 1.3% increase. Renters are now pocketing more cash due to wage gains outpacing rent hikes, with some cities like Austin, Tampa, and Denver seeing over $3,000 in annual savings. Rent now accounts for 26.5% of typical income, nearing pre-pandemic levels. The most affordable cities include Austin, Salt Lake City, and Denver, while New York and Miami remain challenging markets. To comfortably cover the average rent, households need around $76,400 per year, a slight increase of 1.7%. With rent growth cooling nationwide, renters may continue to experience financial relief in the coming months.

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